Tocardo Tidal Power has been declared bankrupt by a Dutch court after failing to secure a project grant and development partner, the company said in a statement.
Rensen Lawyers has been appointed as liquidator ahead of expected talks with potential buyers in the coming weeks.
Tocardo planned to build 100MW of tidal projects in the Netherlands by 2025.
A 2MW deployment was slated for next year with five Tocardo T2 turbines in a sluice gate within the Eastern Scheldt flood barrier in Zeeland province.
The company installed 1.25MW at the barrier in 2015 via five T2 turbines rated at 250kW.
“To be able to build the second tidal installation in the Eastern Scheldt surge barrier, a grant is needed from the Dutch Demonstration Energy and Climate Innovation subsidy,” a spokeswoman said.
“Without this innovation grant the total costs for the development and construction of a second installation are too high,” she added.
In addition, Tocardo has failed to find a partner to “support the company in the production of turbines and foundations” and invest in the “further development and roll-out of tidal energy”.
“Despite all efforts the liquidity position could not prevent the company filing for bankruptcy,” the spokeswoman added.