Mon, 24 Oct 2016 | ADMINISTRATION
A buyer is being sought for a tidal energy company in Wales that has gone into administration.
Tidal Energy Ltd (TEL), with offices in Pembroke Dock and Cardiff, was established in 2001 and operates a tidal turbine off St David’s Peninsula.
Administrators Begbies Traynor said "economic and political uncertainty" has had a negative impact on the business.
TEL has developed DeltaStream, a 400kw tidal technology device weighing 200 tonnes that generates tidal power. It has been successfully tested at Wales’ first tidal energy site at Ramsey Sound in Pembrokeshire.
Tidal Energy Ltd Director, Chris Williams, said the results of testing the technology made the company a strong commercial prospect. “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,” he said.
“Unfortunately, market forces have meant we have struggled financially, but we are confident that we have the skillsets amongst our people and a tried and tested technology in place that makes us confident about our future prospects. We therefore strongly believe we can help the UK lead the world in the development and application of tidal technology."
The administrators have kept key staff and plan to continue the company’s operations while a buyer is sought for the business.
Steve Wade, from Begbies Traynor, said: “We hope that by working closely with the board of directors and government agencies we can attract potential purchasers to emerge from a variety of different sources.”
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