Business Cornwall magazine understands that Bodmin-based wave development company Orecon has closed down.
As reported by Business Cornwall in late November, the company was in dire need of fresh investment, saying it would be forced out of business at the end of January if new funding could not be attracted.
It was optimistic that it would secure up to a £6 million award through the Marine Renewables Proving Fund, but was not among the six successful marine energy companies named by Carbon Trust today.
Business Cornwall has been unable to contact anyone at the company to confirm the news, although renewable industry website New Energy Matters yesterday stated that “investors have pulled out and due to lack of funding, Orecon has had to close down”.
It was stressed today that Orecon’s demise will have no impact on the Wave Hub project, currently being deployed off the Hayle coast. Orecon had been hopeful of a place on the scheme in the future, but Wave Hub confirmed there was no formal agreement in place.