Pelamis, the Edinburgh-based wave-power group that went into administration at the end of last year, owed more than £15 million, including almost £13 million to the Scottish Enterprise support group. Its assets, including the intellectual property relating to its ‘sea-snake’ wave-energy device, are estimated to be worth just £836,000.

According to a statement of the company’s affairs produced as part of the administration process, unsecured creditors are owed some £3.5 million. They include Edinburgh Council, the universities of Dundee and Edinburgh, Orkney Ferries and a PR firm.

Intellectual property, patents and some other assets were bought in January by Highlands and Islands Enterprise, acting on behalf of Wave Energy Scotland — a new body set up to support the country’s wave-energy sector and fully funded by the Scottish Executive.

In total, more than £90 million had been invested in developing the firm’s technology over the past 16 years. In addition to backing from the Scottish Executive, the company also attracted some £70 million of private investment.

The Scottish Executive also invested £15.5 million in another Edinburgh-based renewable-energy developer, Aquamarine Power, which itself announced job losses shortly after administrators were appointed at Pelamis.