Wavebob Shuts Down After Failing to Raise Funds, Find Partner

Wavebob Ltd., an Irish maker of marine energy technology, will be liquidated after failing to raise money and find a strategic partner to fund its continued development.

Wavebob found it impossible to find an investor or a strategic partner in the past two years, Padraig Berry, chairman of the Maynooth-based company, said today by phone. Most recently it expected to receive a grant from the Sustainable Energy Authority Ireland that was ultimately declined, he said. The company had been seeking to raise 10 million euros ($13 million) by the end of March.