Welsh-based tidal stream technology company Tidal Energy Ltd has entered administration - the administrators are now looking for a buyer to take the business on as a going concern.
The company installed the country’s first tidal energy generator in Ramsey Sound, Pembrokeshire,west Wales in December last year - its patented full scale 400KW DeltaStream device is one of the first grid-connected demonstration devices worldwide to generate green, sustainable and predictable tidal power. The Ramsey Sound site is also owned and operated by the company.
Around £15 million has been invested in the project to date, which has been provided by the company’s majority shareholder, Welsh renewable energy company Eco2 Ltd, along with EU funds worth £8 million delivered through the Welsh Government.
However, the sector has suffered from economic and political uncertainty in recent times, due to the withdrawal of previous government subsidy promises under the Contracts for Difference regime.
A buyer is now being sought for the firm by joint administrators Steve Wade and David Hill – from business rescue and recovery specialist Begbies Traynor – who were appointed on October 17.
The administrators 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.
Tidal Energy Ltd Director, Chris Williams, said the results of testing the technology made the company a strong commercial prospect, commenting:
“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 amongst our people and a tried and tested technology in place that makes us confident about our future prospects. We therefore strongly believe we can help the UK lead the world in the development and application of tidal technology."
Administrator, Steve Wade, from Begbies Traynor, said the economic climate had had a “significant” impact on the company’s business.
“We hope, however, 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.”
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