Scottish Enterprise looks likely to get little back from the £13 million it is owed by a collapsed wave energy developer. Pelamis Wave Power fell into insolvency almost two years ago after running out of cash trying to produce a commercial technology. The administrators suggest in their most recent update that the publicly funded economic development agency is unlikely to recover much of the money it is due. Scottish Enterprise has already written off the debt it was owed by Pelamis, whose demise led to 50 job losses when no buyer could be found. Highlands and Islands Enterprise eventually purchased the intellectual property and assets for £305,000. Pelamis, which was founded in 1998, became the first wave power developer to generate electricity for the grid in 2004.
Times 5th Sept 2016 read more »