Pelamis Wave Power Limited, the world's most advanced wave energy technology and company, is to be put into administration.

In a statement, the directors of Pelamis announced that they have been unable to secure the additional funding required for further development of the Company's market leading wave energy technology.

As a result of this the board said it has reluctantly moved to appoint an administrator to assess the options for securing the future for the business and employees of Pelamis.

Described as the world's most advanced wave energy technology and company, Pelamis had recently received a strong endorsement of its leading position from independent consultants following a series of due diligence exercises. The work included detailed assessments of the onward commercial viability of the technology and designs.

The board said a combination of over 350 man-years of experience in the team, some 15,000 hours of real grid connected test data and intensive parallel R&D work had given Pelamis a unique platform from which to develop and demonstrate the viability of its technology for commercial deployment at scale.

KPMG has now been appointed as Joint Administrators of Pelamis Wave Power.

The statement said:

“The directors and employees of Pelamis are dedicated to the success of this revolutionary technology, and are committed to working with the administrator when appointed, the Scottish and UK Governments and any future partners to ensure its success.”