Deadline Passes for Pelamis Bidding

The deadline for submitting the offers for Edinburgh-based wave energy company has passed.

Earlier this month, joint administrators Blair Nimmo and Gary Fraser from KPMG said interested parties have until 9 November to make an offer for Pelamis Wave Energy.

Mr Nimmo said: “We have been encouraged by the level of initial interest in Pelamis and we believe there is the will and desire to see the continuation of the ground-breaking advances the business has made towards renewable energy production.”

Furthermore, the administrators said it will take some time for them to review all the offers and come up with the preferred bidder.

As financial support has been named as one of the reasons, Scottish government launched Wave Energy Scotland (WES) initiative to foster industry collaboration that will drive research and development, share learning and knowledge and bring in expertise from other industry sectors such as oil and gas.

WES will also seek to retain intellectual property rights from device development in Scotland to benefit the Scottish wave industry.