Aquamarine Power out of business

Aquamarine Power, an Edinburgh-based wave energy developer, has ceased trading today, November 23, 2015, following the announcement that it is going into administration a month ago.

Accountancy and business advisory firm BDO LLP appointed business restructuring partners James Stephen and Graham Newton as joint administrators to take over the running of Aquamarine Power.

Failing to find the buyer for the wave energy company, the joint administrators announced that the firm is going into liquidation, leaving 13 people without a job.

James Stephen said: “Despite a comprehensive marketing process, and after speaking to a number of interested parties, we regret to announce that no offers were made for Aquamarine Power as a going concern, leaving us with no option but to cease to trade the business.

“Regrettably, this means that 13 jobs have been lost in Edinburgh and one in Belfast. Our duty now as joint administrators is to maximize recoveries from the asset base for the benefit of creditors.”

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

Image: Aquamarine Power/Oyster 800 device