Oyster wave power machine which Aquamarine Power sank £90m into developing is now put up for auction in ‘fire-sale’ – Scottish Energy News

Aquamarine spent many months – and millions of pounds – testing its Oyster device in Orkney sea-trials

The intellectual property assets of the defunct Scottish renewable wave energy business, Aquamarine Power have been up for sale by the company’s administrators

Founded in 2005, Edinburgh-based Aquamarine Power was set up to bring innovative wave energy technology to the commercial energy renewables market.

Aquamarine Power’s unique proprietary technology is an offshore converter of waves’ motion into electrical energy with a base at the European Marine Energy Centre in Orkney.

Amongst the intellectual property assets for sale is the technology behind its internationally patent-protected Oyster device which captures energy from nearshore waves and converts it into clean, sustainable electricity.

The company spent more than £90 million in the development of its technology, and has worked with Carnegie Wave Energy Limited and Bosch Rexroth.

Nat Baldwin, Head of Corporate Recovery at Metis Partners, said: “Anyone who acquires these unique IP assets has the opportunity to capitalise substantially on a technology which will only become more critical as the years go by.

“We expect the sale to be of interest to companies active in the renewable energy, oil and gas, energy efficiency, engineering and desalination sectors as well as to patent aggregators.”

Metis Partners have also handled ‘bankrupt-stock’ sales on behalf of a pack of other renewable energy companies, including Proven Energy, Swanturbines and Reaqua