Against the tide: OpenHydro's collapse

Against the tide: OpenHydro's collapse View Gallery

With its blue-chip investor base and a promise of clean energy, OpenHydro was billed as the next big thing. But the tidal energy company has spectacularly collapsed, leaving behind massive debts, disgruntled shareholders and aggrieved staff

OpenHydro was billed as the next big thing. Founded in Ireland, backed by high net worth investors and the French state, it was supposed to deliver cash from the sea, harnessing tidal power through state-of-the-art offshore turbine technology. There was chatter of stock market flotations, a €1 billion pipeline of revenues and a frothy €220 million valuation.

There were deals in Japan and Scotland, and in Canada, where it had connected a massive two-megawatt tidal turbine to...

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