Welsh marine outfit Tidal Energy Limited has entered into administration and is seeking a new owner.
Joint administrators Steve Wade and David Hill, from business rescue and recovery specialist Begbies Traynor, were appointed on 17 October.
The administrators said they have “retained key staff to continue the company’s operations and specialist knowledge while a buyer is sought for the business and assets as a going concern”.
TEL has developed the 400kW DeltaStream turbine, which has been tested at Ramsey Sound in Pembrokeshire west Wales. The Ramsey Sound site is also owned and operated by the company.
TEL director Chris Williams said: “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.
“Unfortunately market forces have meant we have struggled financially but we are confident that we have the skillsets among our people and a tried and tested technology in place that makes us confident about our future prospects.”
Administrator Steve Wade said: “We hope that by working closely with the board of directors and government agencies we can attract potential purchasers to emerge from a variety of different sources.”
Image: DeltaStream turbine (Tidal Energy)
Tidal Energy calls in administrators
‘Market forces' to blame as Welsh marine outfit seeks new owner
By EBS