Aquamarine Power goes into administration

The Edinburgh-based company, which developed the Oyster wave power concept, says it 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.

The wave energy developers have been testing their full-scale Oyster wave energy machines at the European Marine Energy Centre (EMEC) in Orkney.  The concept itself is a buoyant, hinged flap that is attached to the seabed approximately half a kilometre from the shore. Movement of the flap pushes high-pressure water to drive an onshore hydroelectric turbine.

Paddy O’Kane, Aquamarine Power’s CEO said: “Oyster is the only wave technology to have proven it can operate in all ocean conditions and we have superb understanding of how well Oyster captures energy at sea.