- Blogs
- Posted
Pelamis wave project runs into financial difficulties
According to today's Guardian , the pioneering Pelamis wave energy project off the coast of Portugal is in trouble after the collapse of majority shareholder Babcock & Brown. The company went in to voluntary administration last week, and its 77 per cent stake in the Pelamis projectis now up for sale.
Pelamis has also suffered various technical hitches since its inception, though the company stresses this is just par-for-the-course for one of the world's first commercial wave energy projects. In better news for Pelamis, energy giant E.ON last month placed an order for the company's second generation P2 wave energy device, which will be installed off the island of Orkney in Scotland.
Last modified on Friday, 20 March 2009 13:20