The tidal stream technology firm has gone into administration less than a year after developing and testing a 400kW turbine in Pembrokeshire, known as Delta Stream.
Joint administrators Stephen Wade and David Hill were appointed this month and said that they have “retained key staff to continue the company’s operations and specialist knowledge while a buyer is sought for the business and assets as a going concern”.
The company was set up in 2001 and has offices in Cardiff and Pembroke Dock.
Tidal Energy director Chris Williams said: “The full turbine characteristics have been tested and verified, and we also possess a wealth of data and information that makes the whole operation, including the turbine and the Ramsey Sound site an attractive proposition to potential partners.
“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.”