Aquamarine Power announces plans to downsize business
3 Dec 14
Wave energy company Aquamarine Power has announced plans to
downsize its business.
Commenting on the news, Aquamarine Power Chief Executive Officer
John Malcolm said:
"Following a strategic review the Board of Aquamarine Power has
decided to significantly downsize the business.
"This will involve retaining a core operational and management
team to run the business and continue maintaining our Oyster 800
wave machine at the European Marine Energy Centre in Orkney.
"We have entered into a consultation process with all of our
employees on how we will take forward the restructuring and
"This is obviously taking place at a difficult time of year and
we will be working very closely with every employee to achieve the
best outcome for all.
"None of this is a reflection on the extraordinary dedication
and hard work of every single member of the Aquamarine Power team;
rather it is a consequence of the considerable financial,
regulatory and technical challenges faced by the ocean energy
sector as a whole.
"In a relatively short number of years our business has
significantly advanced the goal of generating electricity from
waves and this has relied wholly upon the bright ideas, innovation
and talent of the people who work here.
"We remain confident that Oyster technology offers the best
route to a commercial near shore wave energy machine."