English wave technology outfit Wavepower has ended all development activity with immediate effect after its founder and major investor pulled the plug.
In a statement, the Glastonbury company said it had ceased all of “engineering operations and procurement related activity”.
“This will have no impact on existing commitments which will be honoured in the normal course of business,” it added.
Most of the around 30 employees have been made redundant in recent days, it is understood.
The company was established in November 2013 by Pensions Direct founder Adam Norris.
The entrepreneur had previously said he would make Wavepower his life’s work via a £50m personal investment.
“It might take 10 years and £100m to crack it, but I'm in wave power for the rest of my life," Norris said last year.
In addition to Glastonbury, Wavepower opened an office in Pembroke Dock last year with a view to securing funding from the Welsh European Funding Office for a wave project.
In March, the company announced plans to open an office at the Centre for Marine and Renewable Energy in Ireland’s County Cork creating 10 jobs.
Image: Adam Norris (left) and chief executive David Rubie-Todd (Wavepower)