Welsh tidal energy firm seeks buyer as it enters administration

A Welsh tidal energy firm is looking for a buyer as it has entered administration. Tidal Energy Limited, set up in 2001, uses technology to harness the power of the […]

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By Jacqueline Echevarria

A Welsh tidal energy firm is looking for a buyer as it has entered administration.

Tidal Energy Limited, set up in 2001, uses technology to harness the power of the tides to provide a sustainable source of renewable electricity. In 2014, it developed a 400KW turbine which was successfully tested.

However, the firm claims economic and political uncertainty within the sector due to the withdrawal of previous government subsidy promises under the Contracts for Difference regime made the company struggle financially.

The firm entered administration on the 17th of October.

Tidal Energy Director Chris Williams said: “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.”

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