Oceanlinx Goes Bankrupt Owing AUS$ 10 Million

greenWAVE

Australian wave energy developer Oceanlinx has gone bankrupt with debts of AUS $10 million, and receivers have been called in to manage the liquidation.

The company was part way through installing  its first prototype greenWAVE unit off the South Australian coast that would have been the world’s first 1MW single-unit wave energy generator.

The Sydney based firm is said to  owe AUS$7 million to secured creditors and a further AUS$3 million to investors.  The firm, formerly known as Energetech, had previously received a grant of AUS$7.2 million from the Australian federal government and been  listed by the UN Industrial Development Organisation as one of the top 10 clean energy stocks in the world.

 

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This post was prepared by Solar Thermal Magazine staff.