Wave energy firm Aquamarine Power ceases trading

Renewable energy firm Aquamarine Power has ceased trading after administrators failed to find a buyer.

Aquamarine Power has ceased trading with the loss of 14 jobs. Picture: Scottish Renewables

The Edinburgh-based firm, which employed 14 people, called in administrators from BDO last month to manage the business and seek a sale or fresh investment.

However, BDO business restructuring partner James Stephen said today: “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.

“The company ceased to trade on Friday 20 November. 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.”

In September, Aquamarine Power received an €800,000 (£561,600) cash injection from the EU in a bid to improve the performance of its Oyster wave energy converter.

The company was aiming to install its third full-scale prototype, having already built and operated two full-scale Oyster machines at the European Marine Energy Centre in Orkney.