A buyer is being sought for Wales-based Tidal Energy Limited (TEL) after the firm called in the administrators.
TEL said that economic and political uncertainty had taken a toll on the company, but added that it was confident about the prospects for its technology.
TEL has developed and tested a 400 kW tidal stream generator, known as DeltaStream. It successfully installed a single unit off the coast of Pembrokeshire, South Wales, last year, and had also formulated plans with renewable energy firm Eco2 Ltd to install a 10 MW commercial array of the coast of Pembrokeshire.
“The full turbine characteristics have been tested and verified, and we also possess a wealth of data and information that makes the whole operation, including the turbine and the Ramsey Sound site an attractive proposition to potential partners,” said Chris Williams, TEL Director.
