Pelamis Put into Administration
- Business & Finance
Pelamis has been unable to secure the additional funding required for further development of the Company’s wave energy technology.
As a result of this the board has reluctantly moved to appoint an administrator to assess the options for securing the future for the business and employees of Pelamis.
Pelamis recently received a strong endorsement for its wave energy technology from independent consultants following a series of due diligence exercises. This work included detailed assessments of the onward commercial viability of the technology and designs. The combination of over 350 man-years of experience in the team, some 15,000 hours of real grid connected test data and intensive parallel R&D work gives Pelamis a platform from which to develop and demonstrate the viability of its technology for commercial deployment at scale.
The directors and employees of Pelamis are dedicated to the success of this revolutionary technology, and are committed to working with the administrator when appointed, the Scottish and UK Governments and any future partners to ensure its success.
Blair Nimmo and Gary Fraser of KPMG have now been appointed as Joint Administrators of Pelamis Wave Power.
Following Pelamis’ announcement, Neil Kermode, managing director of EMEC, said: “EMEC is saddened to hear that its oldest customer has gone into administration.
“We have known many of the Pelamis team for years and all of us at EMEC are dismayed by this announcement. As a test site we have seen the clever, heroic, innovative work they have done to bring an idea to reality over the last decade.
“As a Scottish world leader Pelamis have been one of the icons of the marine renewables industry, so we are absolutely gutted at this setback.”