Jobs lost as Scots renewables firm Sustainable Marine Energy collapses into administration

A renewables company developing tidal energy systems has collapsed into administration.

Johnston Carmichael was appointed as joint administrators of Sustainable Marine Energy on Wednesday, after the firm’s finances were impacted by events at its subsidiary in Canada.

In a statement, they said a “small number” of jobs in the UK have been lost as a result of the Edinburgh-based firm ceasing its operations.

Sustainable Marine Energy’s subsidiary company was placed into administration due to permitting issues with Fisheries and Oceans Canada – resulting in the suspension of its operations.

The Scottish firm was founded in 2012 in an effort to deliver clean, reliable, and predictable tidal energy, mainly for island and coastal communities.

Graeme Bain, of Johnston Carmichael, said: “SME has been a leading developer of tidal energy solutions for several years and had demonstrated the value of that development through the successful implementation of its innovative PLAT-I platform in Canada.

“The difficult decision was made by the UK-based company to enter administration due to the impact caused by the recent insolvency of its Canadian subsidiary in May.

“In conjunction with our energy, infrastructure and sustainability team of sector experts, an assessment of the potential future viability of the current Canadian project will be undertaken and, with the potential for the application of its technology in other parts of the world, interest will also be sought for the company’s intellectual property in due course.”