UK-based wave energy developer Wavepower has made a decision to end its wave energy development activities.
Wavepower said it is ceasing all of its engineering operations and procurement activities, starting from June 19, 2017, as the company decided to stop developing a commercially viable wave energy converter.
“This will have no impact on existing commitments which will be honored in the normal course of business,” Wavepower said in a statement.
Wavepower, a Somerset-based private investor in wave energy industry, was conducting research and development activities on a wave energy technology with the aim to accelerate the development of the sector.
Before dropping out of wave energy business, the company planned to open a research and development office in Ireland that was expected to create up to 10 advanced engineering research jobs.