Pelamis Wave Power Fails to Raise Money to Continue Development
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Pelamis Wave Power Ltd., a U.K. maker of systems that harness the power of the ocean to generate electricity, said it’s been unable to raise the money needed to continue development.
The failure to come up with the funds means Pelamis has entered administration, a rescue mechanism to enable insolvent companies to continue operating, the Edinburgh-based manufacturer said today in an e-mailed statement. It’s considering the options for "securing the future for the business and employees," it said.