Pelamis closing date announced

The administrators of Pelamis Wave Power Limited have today announced a closing date for offers for the business and its assets.

Founded in 1998, Pelamis designs, manufactures and operates the Pelamis wave energy converter. It is headquartered in Edinburgh with an operations and maintenance team based at the European Marine Energy Centre in Orkney.

Blair Nimmo and Gary Fraser of KPMG LLP, were appointed as joint administrators of the company last month. After assessing the financial situation of the business, the administrators said they had no choice but to make 40 members of staff redundant.

They have now given the closing date of 10.30am on Tuesday, December 9, as the deadline for offers. According to the administrators, interest has been expressed in the assets of the company by a number of parties.

Assuming offers are received, the joint administrators anticipate that it will take some time following the closing date to review the terms and conditions attached to offers before being able to select a preferred bidder.

Mr Nimmo said: “We have been encouraged by the level of initial interest in Pelamis and we believe there is the will and desire to see the continuation of the groundbreaking advances the business has made towards renewable energy production.”