Orbital Marine Power raises £7m to advance commercial tidal projects
The funding round was backed by PXN Ventures and Scottish Enterprise to support international project delivery.
Orbital Marine Power develops floating tidal turbine technology that harnesses ocean currents to generate predictable, low-carbon electricity.
Orbital Marine Power has secured £7m in new funding to advance its commercial tidal stream projects and expand its turbine order book. The investment was backed by incoming investor PXN Ventures, alongside returning backer Scottish Enterprise.
The capital arrives shortly after the company secured new tidal energy licences in Nova Scotia and positions the firm to scale its operations. Orbital currently holds UK government contracts for significant capacity, including plans for new turbines at the European Marine Energy Centre in Orkney.
From the founder
"We’re excited to advance the delivery of commercial tidal stream projects whilst driving a meaningful transition to a more sustainable future."
Andrew Scott
CEO at Orbital Marine Power
Investor perspective
"It is an incredibly exciting time to be joining Orbital Marine Power as an incoming investor. The business is paving the way for tidal stream energy to form part of the energy mix and is another fantastic example of the world-leading innovation coming out of Scotland. As electricity demand increases, Orbital has an important role to play in providing base load energy to grids at home and abroad, and we’re delighted to push them closer to delivering this."
Alastair Moore
Investment Director, PXN Ventures
Use of funds
- 01Expand into international markets
Investors
Categories
About the company
Orbital Marine Power
Orbital Marine Power operates floating tidal turbines to convert ocean currents into clean electricity.