IDA Ireland takes High Court case against OpenHydro owners
IDA Ireland has taken a High Court case against the French warship company which previously owned the failed Irish renewable energy outfit OpenHydro.
The court action, which was lodged on Monday, is understood to be part of an effort by IDA Ireland to recoup some €1.4 million in grants given to Grzenore-Based OpenHydro, which designed and built tidal and wave energy prototypes.
According to a report in The Irish Times, is thought that IDA Ireland needed to lodge the court case action in order to recover some, or all, of the money from the company’s administrators.
The company went into examinership in 2018 and was then wound up after Deloitte insolvency specialist Ken Fennell concluded that there was no chance of it surviving under its €280 million debt load. Majority shareholder Naval Energies, the company which is being sued by IDA Ireland, ultimately ended up opposing the company’s examinership, arguing that it would continue to lose money the longer it was kept up and running.
The company founders, Brendan Gilmore and Donal O’Flynn, had been behind the effort to keep OpenHydro alive.
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