Wave energy firm Pelamis to go into administration
ONE of the world’s leading wave energy technology developers Pelamis Wave Power Limited is to be put into administration.
The announcement about the firm – the prospective operator of a wave power scheme off Bettyhill – was made this afternoon (Friday).
Directors revealed they have been unable to secure additional funding required for further development of the company’s wave energy technology.
A statement issued on behalf of the firm said: "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 is the world’s most advanced wave energy technology and company. It recently received a strong endorsement of this leading position 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 unique 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."
In 2010 Pelamis was awarded a lease by the Crown Estate for a tract of seabed off Farr Point. It had then intended to develop the first phase – capable of producing up to 15 megawatts of power – this summer and more phases involving a further 35MW by 2020.
It was working with scientists at the Environmental Research Institute in Thurso to carry out environmental monitoring of its test machines deployed at the European Marine Energy Centre (EMEC) off Orkney.
See Wednesday’s Caithness Courier for local reaction.