Yeah, they were proposing and building these giant 140ft by 40ft monstrosities that would have been disruptive to fishing and wildlife, and totally incompatible with the expectations of the community. Oregonians support wave power, but it needs to be slender buoys that are more like artificial kelp; something that creates artificial habitat, not something large and industrial that pushes nature out of the way.
There are actually a bunch of other pilot projects, some of which are more likely to move forwards.
Also keep in mind, they only had approval for the pilot project to test the feasibility. Nobody promised any permits for the large scale project. The pilot would have had to prove not only that it generated power, but also that it didn't interfere with wildlife or fishing. And it wasn't designed to meet the actual standards it would have needed to meet. Probably they thought they could bribe their way through, found out that doesn't work here, and are winding it down and blaming efficiency delays.
And, it turns out they don't have funding anyways, so they can't really move the project.
They admit in their press release that other companies have more mature products not only on the market, but proven.