Pelamis

The firm focused on manufacturing and operating the Pelamis Wave Energy Converter, a device designed to generate electricity from the motion of ocean surface waves. The technology consisted of semi-submerged, cylindrical sections linked by hinged joints. As waves passed, the motion of these joints was resisted by hydraulic rams that pumped high-pressure oil through hydraulic motors, which in turn drove electrical generators. The business model involved selling these converters to utility companies and developing wave farm projects. Clients included major energy utilities like E.ON and ScottishPower Renewables.

Pelamis achieved a significant milestone in 2004, becoming the world's first commercial-scale, offshore wave power machine to generate electricity into a national grid during tests at the European Marine Energy Centre (EMEC) in Orkney. This led to the world's first commercial wave farm project, the Aguçadoura Wave Farm off the coast of Portugal, which used three 750kW P1 machines and first generated electricity in July 2008. The company later developed a second-generation device, the P2, which was larger and comprised five sections measuring 180 meters long. E.ON purchased the first P2 machine in 2009, marking the first sale of a wave power machine to a utility. Despite raising approximately $40.5 million in funding over several rounds and generating revenue from sales, Pelamis Wave Power faced financial difficulties. The company entered administration in November 2014 after failing to secure the necessary funding for further development, and its intellectual property and assets were transferred to the government-backed body, Wave Energy Scotland.