Tidal Energy Ltd, a Welsh-based tidal energy developer and a producer of DeltaStream device, has entered administration.
According to the notice found on the company’s website, Stephen Wade and David Hill of Begbies Traynor have been named the joint administrators of Tidal Energy Ltd on October 17, 2016.
The administrators said that the buyer is being sought for the company, which operates out of offices in Cardiff and Pembroke Dock.
The administrators have retained key staff to continue the company’s operations while a buyer is sought for the business and assets as a going concern.
Tidal Energy Ltd has developed tidal stream technology called “DeltaStream”, a full scale 400KW turbine that has been tested at Ramsey Sound, in Pembrokeshire, West Wales. The Ramsey Sound site is also owned and operated by the company.
Tidal Energy Ltd Director, Chris Williams, noted that the company struggled financially, which, as Tidal Energy Today understands, has led the company to enter administration.
According to one of the administrators, Steve Wade, the economic climate had had a “significant” impact on the company’s business.
Tidal Energy Today Staff
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