Pelamis appoints administrators

© Pelamis Wave A wave energy company based in Edinburgh has gone into administration. Pelamis Wave Power announced it has appointed administrators on Friday, saying they have been "unable to secure additional funding" to develop its technology. The company currently employs around 50 people in the design, manufacture and operation of wave energy machines. It is one of the companies involved in Scotland’s first marine energy park in the Pentland Firth. An announcement released on behalf of the company’s directors said: "The directors of Pelamis regret to announce 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 has reluctantly moved to appoint an administrator to assess the options for securing the future for the business and employees of Pelamis." The company said it was confident its technology is commercially viable and are hopeful a future can be secured. The statement read: "Pelamis is the world’s most advanced wave energy technology and company. It recently received a strong endorsement of this leading position from independent consultants following a series of due diligence exercises. This work included detailed assessments of the onward commercial viability of the technology and designs. "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."