Tidal energy project and technology developer Mako Tidal Turbines has filed for bankruptcy in Australia as it failed to record any generated income to date.
The Sydney-based company has appointed Adam Preiner as an administrator to handle the process on 17 September, 2020, according to Integra Restructuring & Insolvency, a chartered accountant firm that specialises in corporate insolvency.
“MAKO Tidal Turbines entered voluntary administration following the cessation of funding from its parent company Elemental Energy Technologies. The company’s activity consisted of the designing, patenting and commercialisation of tidal turbines. Given that MAKO was still in the development stage, no income has been generated by MAKO to date”, said Preiner .
The company’s assets include two granted patents, and 14 patents in the review stage for the rotor technology that is registered in various jurisdictions. There are also four registered designs for the shape and specifications of a tidal turbine.
One of the patents – a patent for a rotor for a hydro-powered electricity generator – is currently on sale outright or through a purchase of the company’s shares through a deed of company arrangement proposal, Integra Restructuring & Insolvency informed.
The administrator Preiner, who is also the managing director of Integra, said the expressions of interest for the patent are being accepted until 7 October, 2020.
The experience within the energy sector or an engineering background is also recommended to continue the development and commercialization of Mako Tidal Turbines’ technology, according to Integra.
The company also noted that additional capital will be required to continue the registration of the 14 patents under review.
Moreover, the first meeting of the creditors of Mako Tidal Turbines was scheduled for 29 September, 2020, to determine whether a committee of inspection should be appointed, and if so, who would be the committee’s members.
The plan for the meeting suggested the creditors would also be discussing the potential removal of the administrator from office, and the appointment of a different administrator for the company.
Offshore Energy has contacted both Mako Tidal Turbines, and Integra Restructuring & Insolvency, for more information about the ongoing insolvency process. The article will be updated as soon as the new information becomes available.