Scottish wave-energy company Aquamarine Power has ceased to trade, with 14 jobs axed, after administrators failed to find a buyer.
Edinburgh-based Aquamarine Power, the developer behind the Oyster wave-power machine, collapsed into administration last month in a further sign of challenging times for the renewables sector.
BDO business restructuring partners James Stephen and Graham Newton had hoped to sell the business as a going concern.
But in a statement from the accountancy giant today, Mr Stephen said: “Despite a comprehensive marketing process, and after speaking to a number of interested parties, we regret to announce that no offers were made for Aquamarine Power.
“The company ceased to trade on Friday, November 20. Regrettably, this means that 13 jobs have been lost in Edinburgh and one in Belfast.
“Our duty now as joint administrators is to maximise recoveries from the asset base for the benefit of creditors.”