Friday, April 11, 2014

News: Pulse Tidal sinks into liquidation

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Pulse Tidal, a high-tech firm that developed its innovative underwater energy generation technology on the Advanced Manufacturing Park (AMP) in Rotherham, has gone into liquidation.

One of the first companies to move into the then called EETC in 2007, the pioneering company raised equity from local incubator funds and successfully developed a prototype system whereby tidal streams move horizontal blades up and down to drive a generator.

In 2009 Pulse Tidal saw the first fully predictable electricity generated by tidal power in shallow waters come ashore with a prototype pulse generator installed at Immingham Dock capable of generating up to 0.15MW.

The firm, established by chief technology officer, Marc Paish and commercial director Howard Nimmo secured funds for the prototype from IT Power, Marubeni Europe plc, Shell Springboard, LIFE-IC and The Viking Fund, as well as Yorkshire Forward and was all set for a bright future when it lead a successful bid for €8m from the EU's technology research and development fund (Framework Programme 7) to enable the company to begin work on developing its first fully commercial tidal energy generator.

Alongside this finance, the company signed contracts with a group of international companies to develop the commercial device and form a secure supply chain for volume production.

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Moving to offices at the Electric Works in Sheffield, the company even secured a lease for an area of seabed near to Lynmouth in Devon with plans to deploy a 1.2MW tidal power generating machine - England's largest - in 2014, following consultation, environmental studies and permitting.

Now Pulse Tidal and its parent company, Pulse Group Holdings Ltd, have appointed Sarah Long and Antony Denham, both of DL Partnership LLP, as joint liquidators.

Another AMP-based energy firm, ITI Energy Ltd, a pioneering company that has been developing advanced gasification technology, was bought out of administration last year.

Pulse Tidal website

Images: Pulse Tidal

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