UK-based Tidal stream technology company, Tidal Energy Ltd, has been placed into Adminstration.
Stephen Wade and David Hill were appointed joint administrators on 17 October 2016 for the firm, which installed Wales’ first full-scale tidal stream generating device known as DeltaStream in Ramsey Sound, Pembrokeshire in December 2015.
In the response to the news, announced on the company website, Marine Energy Pembrokeshire (a partnership between developers in the region), said it was ‘disappointing news’ and ‘highlights the challenges of being at the forefront of a nascent sector’.
“In the short- term it is important to work with others to ensure that the skills and knowledge of the TEL team are not lost from the area and their experience can assist other companies who are locating in Pembrokeshire,” commented David Jones, Project Director, Marine Energy Pembrokeshire. “We need to recognise that the Ramsey project delivered on the funded priorities, which were to develop a technology and site, deploy and grid connect a technology and monitor environmental interactions. The project has provided invaluable learning and has assisted local supply chain companies to diversify into a new sector. It is crucial that this experience assists us all moving forward.”
