Wave energy developer to go into administration

Wave energy technology developer Pelamis Wave Power Limited is to go into administration, it was announced this afternoon, Friday.

The company have been involved in testing its distinctive red and yellow devices at EMEC here in Orkney for a number of years, with the machines also being based at Lyness while not undergoing trials.

A statement on the issue said: “The directors of Pelamis regret to announce that they have been unable to secure the additional funding required for further development of the company’s market leading wave energy technology. As a result of this the board has reluctantly moved to appoint an administrator to assess the options for securing the future for the business and employees of Pelamis.”

The statement went on to say: “Pelamis is the world’s most advanced wave energy technology and company. It recently received a strong endorsement of this leading position from independent consultants following a series of due diligence exercises. This work included detailed assessments of the onward commercial viability of the technology and designs. The combination of over 350 man-years of experience in the team, some 15,000 hours of real grid connected test data and intensive parallel R&D work gives Pelamis a unique platform from which to develop and demonstrate the viability of its technology for commercial deployment at scale.

“The directors and employees of Pelamis are dedicated to the success of this revolutionary technology, and are committed to working with the administrator when appointed, the Scottish and UK Governments and any future partners to ensure its success.”

In August Pelamis Wave Power celebrated the 10th anniversary of the world’s first offshore wave power generated to the national grid.

Following installation of the prototype Pelamis machine at the European Marine Energy Centre the first electricity from offshore waves was generated to the UK grid in August 2004.

At that time this was described as a major achievement for Pelamis and the whole wave energy sector, and demonstrated the feasibility and potential of harnessing the power of ocean waves.

In the ten years that have followed that milestone, Pelamis has continued to lead the sector, notched up a string of further world firsts, and set new records in electricity generation and operational capability.