Irish tidal firm goes into liquidation

Irish tidal firm goes into liquidation

Irish tidal energy firm OpenHydro has been forced into liquidation after its French parent company Naval Energies ceased investment in the struggling company.

Many companies within the European renewables community have described the situation as a significant setback for tidal technologies.

OpenHydro was expected to make losses of over £114 million, according to Naval Energies, which bought the Irish firm in 2013.

Earlier this year, the UK Government rejected Swansea’s proposed tidal lagoon that was set to cost £1.3 billion, due to the high costs associated with the renewable project that would have been heavily subsidised by UK taxpayers for decades to come.

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