Wave energy company Aquamarine Power has called in administrators to manage the business and to seek a sale or investment via the administration process.
BDO LLP business restructuring partners James Stephen and Graham Newton have been appointed Joint Administrators and will now take over the running of the Edinburgh firm.
This follows a decision by the Aquamarine Power board on October 27th. The Joint Administrators will continue to trade the company with a view to effecting a sale as a going concern. All 14 employees are being retained.
The pioneering wave energy developers have been testing their full-scale Oyster wave energy machines at the European Marine Energy Centre (EMEC) in Orkney.
Aquamarine Power’s Oyster 800 wave energy converter in operation
“We are continuing discussions with interested parties who were in discussions with the company prior to our appointment and are working closely with the Aquamarine Power board to engage with other potential purchasers. We welcome new enquiries.”
