Pelamis specialise in wave power. Picture: Comp

Pelamis, which is based at Leith Docks, say they had not found the funding needed to continue developing its products.

In a statement, the firm said: “The directors of Pelamis regret to announce that they have been unable to secure the additional funding required for further development of the Company’s market leading wave energy technology. As a result of this the board has reluctantly moved to appoint an administrator to assess the options for securing the future for the business and employees of Pelamis.

“Pelamis is the world’s most advanced wave energy technology and company. It recently received a strong endorsement of this leading position from independent consultants following a series of due diligence exercises.

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“This work included detailed assessments of the onward commercial viability of the technology and designs.

“The combination of over 350 man-years of experience in the team, some 15,000 hours of real grid connected test data and intensive parallel R&D work gives Pelamis a unique platform from which to develop and demonstrate the viability of its technology for commercial deployment at scale.