Australia’s wave developer Oceanlinx has gone into liquidation, the local news site reported.
The reports say that this could affect the investors, causing them to lose about AUD 80 million.
Oceanlinx went bankrupt following an accident which occurred off the South Australian coast leaving the company financially crippled.
The accident happened in March 2013, when “greenWAVE“ unit was damaged during tow operations in shallow waters off the coast of Carrickalinga.
The device, weighing about 3000 tonnes, was designed to sit on the seafloor, transferring the electricity via subsea cable to the electricity grid.