Aquamarine Power leaves over £11M debt

Aquamarine Power, the Edinburgh-based wave energy developer, has left over £11 million of debts after it had ceased trading last month.

Aquamarine Power ceased trading on November 23, 2015, and according to a financial statement filed at Companies House, it owed Scottish Enterprise £6.2 million.

The company also owed £2.5 million to ABB Technology Ventures, the strategic venture capital investment arm of ABB Group.

SSE Ventures, part of SSE Enterprise, is owed £1.27 million, as well as the European Marine Energy Centre (EMEC), which is owed £1.3 million for decommissioning obligations of Aqumarine Power’s Oyster wave energy device, according to the document.

To remind, Aquamarine Power went into liquidation after the joint administrators failed to find a buyer for the wave energy company, leaving 13 people without a job.

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