Welsh co Tidal Energy goes into administration, looks for buyer

Wales-based tidal stream technology developer Tidal Energy Ltd has entered administration and is now in the process of searching for a buyer.

This was announced by UK corporate rescue practice Begbies Traynor, whose Steve Wade and David Hill were appointed as joint administrators on October 17. They have retained key employees to continue the business’ operations.

Set up in 2001, Tidal Energy is the developer of the 400-kW DeltaStream full-scale tidal turbine, which has been tested successfully at Wales’s first tidal energy site at Ramsey Sound in Pembrokeshire. The company is the owner of that site.

“The full turbine characteristics have been tested and verified, and we also possess a wealth of data and information that makes the whole operation, including the turbine and the Ramsey Sound site an attractive proposition to potential partners,” said Chris Williams, director of Tidal Energy Ltd. He noted that the company has been having difficulties from a financial point of view because of market forces.

Begbies Traynor, in turn, pointed out that the tidal energy sector has suffered from economic and political uncertainty as the government withdrew subsidy promises under the Contracts for Difference (CfD) scheme.

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