A TIDAL energy company based in Edinburgh has fallen into administration.
Sustainable Marine Energy Ltd has ceased to trade, with administrators Johnston Carmichael saying a “small number” of jobs will be lost in the UK as a result.
It comes after the company’s Canadian subsidiary became insolvent as federal regulators did not provide a permit for its tidal project in Nova Scotia.
Canada’s fisheries and oceans department (DFO) did not give approval for the company’s floating in-stream Plat-I tidal energy platform to continue in the Bay of Fundy.
READ MORE: Scotland 'has more tidal stream capacity than rest of world combined', LSE study says
The company says the platform, which has six turbines mounted on its stern, successfully produced renewable electricity.
Earlier this year, the DFO told broadcaster CBC that it needed more information about the impact of the tidal platform on fish.
Graeme Bain, restructuring director at Johnston Carmichael, said: “SME has been a leading developer of tidal energy solutions for several years and had demonstrated the value of that development through the successful implementation of its innovative Plat-I platform in Canada.
“The difficult decision was made by the UK-based company to enter administration due to the impact caused by the recent insolvency of its Canadian subsidiary in May.
“In conjunction with our energy, infrastructure and sustainability team of sector experts, an assessment of the potential future viability of the current Canadian project will be undertaken and, with the potential for the application of its technology in other parts of the world, interest will also be sought for the company’s intellectual property in due course.”
Why are you making commenting on The National only available to subscribers?
We know there are thousands of National readers who want to debate, argue and go back and forth in the comments section of our stories. We’ve got the most informed readers in Scotland, asking each other the big questions about the future of our country.
Unfortunately, though, these important debates are being spoiled by a vocal minority of trolls who aren’t really interested in the issues, try to derail the conversations, register under fake names, and post vile abuse.
So that’s why we’ve decided to make the ability to comment only available to our paying subscribers. That way, all the trolls who post abuse on our website will have to pay if they want to join the debate – and risk a permanent ban from the account that they subscribe with.
The conversation will go back to what it should be about – people who care passionately about the issues, but disagree constructively on what we should do about them. Let’s get that debate started!
Callum Baird, Editor of The National
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel