WES buys Aquamarine Power IP

Oyster 800 (Photo: Aquamarine Power)

Wave Energy Scotland (WES) has bought the intellectual property of the failed wave energy developer Aquamarine Power.

The purchase of Aquamarine Power’s intellectual property (IP) was completed in September for £45,000, WES informed.

The IP assets acquired by WES include patents, designs, drawings and organisational information.

WES said the knowledge will be available to participants in the WES wave technology development program via non-exclusive licensing managed directly by WES.

Aquamarine Power, the developer behind the Oyster wave energy device, went into administration in October 2015 due to lack of private funding to keep the company going.

The administration was followed by Aquamarine Power’s liquidation a month later after the administrators failed to find the buyer for the company.

WES is a subsidiary of Highlands and Islands Enterprise (HIE) established by the Scottish Government to advance wave energy sector in Scotland.

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