Scottish wave power companies sank with loss of more than £40m in taxpayer funds

In happier times... some of the Pelamis wave power team
In happier times… some of the Pelamis wave power team

The Scot-Govt. has had to write-off more than £40 million in taxpayer funding in two prominent corporate casualties in the home-grown wave energy sector.

Through its Scottish Enterprise and Highland Enterprise job-creation quangos, the government sunk £17.2 million into Edinburgh-based Aquamarine Ltd, alongside another £9.4 million in direct funding from the UK and Scots governments.

Scottish Enterprise also lost another £16.3 million after another Pelamis – another Edinburgh-based ocean energy developer – sank into administration in 2014.

Shortly afterwards, the Scottish Government set up a new directly funded wave energy quango with an additional tax-payer financed budget of some £13 million a year.

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