All the research and development data gathered by a failed wave energy company, has been acquired by a Scottish Government agency for an undisclosed sum to keep it in Scotland.

Highlands and Islands Enterprise (HIE) says the deal means that the valuable intellectual property of Leith-based Pelamis, which could otherwise have been lost to international competitors in the wave energy market, will now be available to support the growth and development of the wave energy in Scotland.

HIE reached agreement with administrators KPMG to acquire it along with physical assets previously owned by Pelamis, which went into administration in November. HIE has obtained the assets on behalf of Wave Energy Scotland (WES), a new body which is being established to support Scotland's wave energy sector. WES is part of HIE and is fully funded by the Scottish Government.

Energy minister Fergus Ewing said: "While it is sad that no bidder came forward to take over Pelamis as a going concern, the fact that this intellectual property has been successfully acquired for the benefit of our wave energy sector is good news for Scotland.

"Through WES, we will now be able to ensure that this hard-won knowledge and expertise continues to be developed here and, crucially, made available to drive future innovation which will maintain Scotland's position at the global forefront of wave energy.

"There is no doubt that these are highly challenging times for the wave energy industry across the world. Here in Scotland, however, we have outstanding natural resources, world class test facilities and engineering and academic expertise which WES will harness to ensure we can achieve our potential in this growing international sector."