Update on the MAKO Tidal Turbines Business
In a statement released on 18 September 2020 and updated on 2 October 2020, Douglas Hunt, CEO of MAKO Tidal Turbines said "The unprecedented restrictions on domestic and international travel due to COVID-19 have hampered business development and fundraising, both of which are critical to the commercial roll-out of the MAKO."
"This led two lenders to the parent company, Elemental Energy Technologies Ltd, to announce their intention to appoint a Receiver to take control of the Company's assets and this in turn prompted the main Australian operating company, MAKO Tidal Turbines Pty Ltd, to enter Voluntary Administration under Australian law. The Receiver was appointed to Elemental Energy Technologies Ltd on 2 October."
"Administration is similar to America's Chapter 11 and gives the opportunity for shareholders, creditors and advisers such as Integra Restructuring to work together to try to re-shape and re-launch the business or if this is not possible, to maximise the return to creditors and shareholders." he said.
Mr Hunt concluded "Many of our potential customers have been affected by the current pandemic, with orders delayed, not cancelled. This gives us confidence that the MAKO can be a part of the future energy mix once the current challenges are behind us and once our corporate governance and funding issues have been resolved." [Ends]