Administrator sets December 9 deadline for bids to save Pelamis Wave Power

 

In happier times - the E.On and Pelamis joint wave turbine
In happier times – the E.On and Pelamis joint wave turbine

The Administrators handling the insolvency of Pelamis Wave Power have set a deadline of 10.30am tomorrow (9 December) for interested parties to submit bids to buy some, or all, of the business.

Edinburgh-based Pelamis – which employed some 50 staff – went into administration last month after failing to secure new funding for its renewable energy technology.

However, while Administrators KPMG said they were encouraged at the ‘initial interest’ shown in Pelamis, it will likely be weeks before any announcement is made about potential bidders or their plans.

Last year, German power giant E.On announced it was pulling out of a marine energy research project involving Pelamis in Orkney. E.On blamed the decision on delays in the development of wave energy technology.

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