A green energy company says it has reached a milestone after securing £8 million of funding for its tidal turbine device.
Orbital Marine Power has secured £4 million from the Scottish National Investment Bank and a further £4 million of finance from individuals, who are providing cash via an investment platform.
The Orkney based firm plans to service these debts from money raised via the long-term sale of electricity generated by its O2 tidal turbine device.
Mark Munro, executive director at the Scottish National Investment Bank, said: “The bank’s investment in Orbital aligns with our mission to support homegrown innovation and the just energy transition.
DYK: In a little over 2 turns of O2’s rotors, we can generate enough clean electricity to meet the demand of the average UK home for a day. That's the world's most powerful tidal turbine in action. 😲 🏠 #tidalenergy pic.twitter.com/3M0GdpwwYq
— Orbital Marine Power (@Orbitalmarine) June 28, 2022
“The company’s unique and scalable approach to tidal stream energy has an important role to play in the journey towards net zero, and its focus on a domestic supply chain and strong Orkney heritage also has significant potential to benefit Scotland more broadly.”
Meanwhile, Bruce Davis, joint managing director of Abundance Investment, which is contributing the other £4 million, said: “Our investors are proud to have mobilised their money to support Orbital Marine Power in their quest to make tidal stream energy a key pillar of the UK energy sustainability and security.
“From its origins as a world-beating, record crowdfunding investment we look forward to helping to finance a future world-beating industry.”