Feb. 8 (Bloomberg) -- Neptune Renewable Energy Ltd., a U.K. maker of tidal-power turbines, will be liquidated after its products failed to generate enough electricity to be profitable.
“The chosen approach is technically flawed and therefore not suitable for the development of commercial arrays,” the company said today in a statement on its website. “There is no commercial value in pursuing the project any further.”
Neptune, which deployed its demonstration Proteus turbine in the River Humber in January 2012, found late last year that it produced less power than expected. The company’s collapse is a blow to Britain’s wave and tidal-energy industry as developers seek funding to turn pilot ventures into marketable businesses. No commercial-scale projects are currently in operation.
Neptune, set up in North Ferriby, England, in 2005 with private funds, planned to deploy a tidal stream array in the Humber in the next two years to supply industrial clients before expanding to other U.K. sites. It supplied power to The Deep, an aquarium in Hull, after winning a supply contract last May.
The government has said energy from the waves and tides has the potential to meet as much as 20 percent of current U.K. electricity demand.
To contact the reporter on this story: Sally Bakewell in London at firstname.lastname@example.org
To contact the editor responsible for this story: Reed Landberg at email@example.com