Oceanlinx suspends float plans

In November, Greenbang was thanking the pun gods for the news that wave power firm Oceanlinx was planning a float. Well, it’s once again time to wade through that sea of puns: now it appears that the float plans have been sunk, in favour of private equity.

Reuters has the lowdown:

Oceanlinx, which has made a prototype unit that sits in the sea off Australia and harnesses wave power, had been trying to list and raise 25 million pounds ($50 million) to 35 million.

A private fundraising is seen as reducing the short-term risks for Oceanlinx’s investors, who want it to float on the market once it has built more devices and has a longer financial track record, the source said.

The IPO plan hasn’t been permanently buried at sea, though: Reuters reckons Oceanlinx could float in around two years’ time.