Peer-to-peer investment company Abundance has raised £7mn for Orbital Marine Power – a Scottish engineering company focused on the development of a tidal energy turbine technology.
Orbital Marine Power will use the funds raised to build its first production model Orbital O2 2MW turbine, an innovative floating tidal turbine platform that can be towed, installed and easily maintained. The project has also secured a number of supporting grants as well as equity funding, including from the Scottish Government.
Orbital Marine Power plans to build its turbine over the next 12 months, with deployment at Orkney’s European Marine Energy Centre anticipated during 2020.
Andrew Scott, CEO at Orbital Marine Power, said: “We are delighted with this funding result; it’s a terrific endorsement of our technology and a clear signal that the UK public is hugely supportive of seeing tidal energy brought into the domestic and global energy mixes.”