Dutch tidal energy technology firm Tocardo has filed for bankruptcy protection after failing to reach agreement over a buyout with a major shareholder.
Tocardo signed a deal in mid-2017 with Canadian firm Tribute Resources for Tribute to acquire 100 per cent control of Tocardo via a share swap agreement.
The two companies have been unable to finalise the transaction, Tocardo said, forcing it to seek protection from creditors through the Dutch courts.
It remains in talks with Tribute and other potential financiers, it said in a statement. Tribute will continue to own its existing 46.5 per cent stake in Tocardo.
Tocardo said it was examining its future options with respect to financing and existing projects, which include plans to deploy up to three 1.33 MW devices in Nova Scotia by 2020.
Its CEO, Hans van Breugel, said that it would be “unfortunate” for the firm’s plans to be lost “due to lack of solid investors”. It has also secured the rights to projects in the UK and the Netherlands.
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