Aquamarine Power has announced plan to “significantly downsize” due to financial, regulatory and technical challenges. The company’s workforce could be cut from more than 50 to less than 20.
This comes after wave power firm Pelamis went into administration last month. Aquamarine Power says it remains confident that their technology is the best route for near shore wave energy.
John Malcolm, Aquamarine Power, Chief Executive Officer, said:
“Following a strategic review the Board of Aquamarine Power has decided to significantly downsize the business.
“This will involve retaining a core operational and management team to run the business and continue maintaining our Oyster 800 wave machine at the European Marine Energy Centre in Orkney.
“None of this is a reflection on the extraordinary dedication and hard work of every single member of the Aquamarine Power team; rather it is a consequence of the considerable financial, regulatory and technical challenges faced by the ocean energy sector as a whole.
“In a relatively short number of years our business has significantly advanced the goal of generating electricity from waves and this has relied wholly upon the bright ideas, innovation and talent of the people who work here.”
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