Wave energy project worth USD 52 million off the Cornish coast which became operational in 2010 is yet to produce any electricity. And now one of the two potential sources, Energy firm Carnegie has now pulled out from Wave Hub. Carnegie was also given USD 12 million by European Regional Development Fund to test its device.
Wave Hub has hosted just one device since 2010 in its undersea electrical socket to test wave energy machines.
Wave Hub, which is based at Hayle in west Cornwall, said the wave energy business was "unfortunately taking longer to develop" than anticipated so it is planning to diversify and explore options for testing floating wind turbines.
The scheme was financed collectively by the European Regional Development Fund Convergence Programme (USD 25m), the South West of England Regional Development Agency (USD 15.5 million) and the UK Government (USD 12 million).
The authorities claimed at the time, that the project has the capacity generate USD 86 million over 25 years for the regional economy.
Three companies were signed on for the initial development but all of them have pulled out.