Administrators seek sale extension for Aquamarine Power assets

Accountancy and business advisory firm BDO LLP is looking to extend the deadline for sale of Aquamarine Power’s assets by additional six months.

BDO is asking the creditors to vote on the extension of deadline for Aquamarine Power’s asset sale set for October 2016, for six more months in order to remarket the Edinburgh-based wave energy developer’s intellectual and physical assets, the Courier reports.

Aquamarine Power went into administration in October 2015, which was followed by the liquidation a month later after the joint administrators failed to find the buyer for the company, leaving 14 people without a job.

The IP assets for sale include extensive granted patents and patent applications, design rights portfolio including a registered design, registered trade marks, goodwill in the brand and reputation, and organizational knowledge.

Certain assets were sold, including a test rig in Germany, the Courier reports.

Aquamarine Power developed the Oyster wave energy converter device, and prior to the administration it was awarded €800,000 from the Horizon 2020 to improve the performance of its WEC.