The company went into administration in November 2014, with the intellectual property transferred to the Scottish Government body Wave Energy Scotland.
Located off the northwest coast of Portugal near Póvoa de Varzim, the farm had an installed capacity of 2.25 MW and was the world's first multiple machine wave power project.
[6] The project was part funded by Portuguese utility Enersis,[7] at the time owned by Australian global investment company Babcock & Brown.
[8] The farm first generated electricity in July 2008 but was taken offline in November 2008 at the same time as Babcock & Brown encountered financial difficulties.
The machine was owned by the German utility company, E.ON, and was the UK's first commercial supply contract in the marine energy sector.
[11] In March 2010 Pelamis Wave Power announced a second order for a P2 machine, from ScottishPower Renewables, part of Iberdrola Renovables.
[16] E.ON and ScottishPower Renewables announced plans to build larger projects using Pelamis machines in the waters off Orkney's west coast.
The Hailong (Dragon) 1 is a Chinese wave energy machine, reported to be a near perfect copy of the Pelamis, which began testing in 2015 in the South China Sea.
"Orkney Islands Council (OIC) invite you to submit a proposal to take ownership and remove and dispose of the wave energy converter known as “Pelamis” P2.
Should the Contractor wish to re-use the Pelamis for some other purpose this should be explained in full detail including the method of preservation, security and protection of the environment."