Tidal Energy Ltd has gone into administration. Administrators from Begbies Traynor were appointed on 17 October and told the BBC that “key staff have been retained” to continue TEL’s operations while a buyer is sought.

Tidal Energy installed Wales’ first full-scale tidal stream generating device, known as DeltaStream in Ramsey Sound, Pembrokeshire, in December 2015. The 400kW device uses three horizontal axis turbines on a triangular steel base attached to the sea bed.

TEL director Chris Williams told the BBC: “The full turbine characteristics have been tested and verified, and we also possess a wealth of data and information that makes the whole operation, including the turbine and the Ramsey Sound site an attractive proposition to potential partners.

“Unfortunately, market forces have meant we have struggled financially.”