Aquamarine debts over £11million

Details of the millions of pounds owed by defunct marine renewables company Aquamarine Power have been revealed this week, and are estimated to be over £11 million.

The pioneering wave energy developers have been testing their full-scale Oyster wave energy machines at the European Marine Energy Centre (EMEC) here in Orkney for many years, but ceased trading last month.

It was back in October that the company called in administrators, to manage the business and to seek a sale or investment via the administration process. In late November, in another major setback for the industry, it was then announced that Aquamarine Power has ceased trading.

In a statement released a little over two weeks ago, the administrators 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.”

This week, in details lodged with Companies House, it is revealed that the company owed Scottish Enterprise £6.2 million, with a further £2.5 million owed to ABB Technology Ventures, the strategic venture capital investment arm of ABB Group.

SSE Ventures, part of SSE Enterprise, is owed £1.27 million, and closer to home, here in Orkney EMEC is owed £1.3 million for decommissioning obligations of Aquamarine Power’s Oyster wave energy device.

However, when asked for a comment, a spokesman from EMEC said: “It’s unlikely that the £1.3 million of liabilities will rest with EMEC as the costs of decommissioning devices and infrastructure lies with the UK Government’s Department of Energy and Climate Change (DECC). We are working closely with the administrators to follow the legal process.”