Oceanlinx sinks into liquidation

Oceanlinx Ltd has gone into liquidation, costing investors approximately AUD 80 mln, Australian media report.

The liquidation follows an accident during the transportation of the company’s prototype generator ‘greenWAVE’ that was designed to power 1000 houses. It sank off the coast of Australia in March this year.

Tibor Westes, Oceanlinx chairman, will try to protect the intellectual property but hopes are not high, according to the Australian.

Oceanlinx has developed, deployed and operated 3 prototypes in the open ocean generating over 5,000 hours of electricity.

The preferred bidder is a company known as Wave Energy Renewable, the Australian reports.

[mappress mapid=”79″]

Image: Oceanlinx