Fri, 30 Oct 2015 | ADMINISTRATION
Scottish firm Aquamarine Power has gone into administration following economic problems caused by the lack of private investment.
The Edinburgh-headquartered firm is the creator of Oyster, a wave energy technology. It has been testing the wave generator at the European Marine Energy Centre in Orkney but said that it made the decision to go into administration while it looks for a new investor.
James Stephen and Graham Newton, partners at BDO LLP business restructuring, have been appointed as joint administrators to Aquamarine.
The Oyster is a giant hinged flap that is attached to the seabed and then creates waves, with the view to using this as a form of energy. Previously, Aquamarine has received a £580,000 EU grant to develop its technology as well as a £2 million contract from Wave Energy Scotland.
Paddy O’Kane, Aquamarine Power’s CEO said: "Today’s news underscores the financial as well as technical challenge in bringing an entirely new form of energy generation to commercialisation. New private sector funding is required now to deliver our technology roadmap."
The administrators added that all 14 members of staff would be retained and the business would continue to operate while new investment was sought.
Mr Stephen commented: "Whilst the company has seen many successes over the last few months, including securing a €800,000 grant from the EU as well as a £2 million contract from Wave Energy Scotland, the economic climate has significantly affected the business.
"The lack of private sector backing to supplement public funding support placed the company under cash flow strain and the directors concluded the best prospect of concluding a transaction was via the protection of administration. The company holds liquid funds which will allow this strategy to be pursued."
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