Irish tidal tidal energy company OpenHydro has been dealt a deathblow by its French parent firm, Naval Energies.
The French company announced late last week that it would cease investing in the troubled tidal energy project, forcing Openhydro into liquidation.
OpenHydro employed around 100 staff.
Many within the European renewables community have described the situation as a major setback for the technology, with Ocean Energy Europe (OEE) chief executive Remi Gruet describing the liquidation as “disappointing news”.
The Marine Renewables Industry Association (MRIA) also described it as “a great blow to the global ocean energy industry”.
Naval Energies said that OpenHydro was expected to make losses of more than £114 million between now and 2026.
OpenHydro was bought by Naval Energies in 2013.