Swedish utility Vattenfall and Pelamis Wave Power have decided to end a joint venture project, which was to focus on marine energy off the Shetland Islands.

The company, called Aegir Wave Power Ltd. (AWP), has no employees and is being shuttered after Vattenfall completed a review of its marine and hydrokinetic (MHK) interests.
Magnus Hall
Hydroworld reports that the decision was taken following a six-month review and note of the recent delays experienced by the sector.

CEO, Magnus Hall, announced in January that the company would focus its investments into wind energy, but noted that Vattenfall will maintain an MHK research and development team in Stockholm.

The decision to liquidate AWP comes just months after Pelamis announced it had fallen into administration. The company’s intellectual assets and hardware have since been sold by administrators to Wave Energy Scotland.

Aegir Wave Power was launched as a joint venture between Vattenfall and Pelamis in December 2009, at which point AWP said it hoped to see power generated at Shetland Islands site in 2014.