Orbital Marine Power is looking to raise £7m
Abundance Investment offers opportunity to invest in Orbital Marine Power.
Orbital Marine Power Ltd (formerly named Scotrenewables Tidal Power Ltd) today announces the launch of a public debentures offer via the Abundance Investment platform.
The offer signals progression towards commercialising the company’s world leading floating tidal technology.
The debentures, targeting a raise of £7m, will be used to support the build of the company’s first commercial turbine product – the Orbital O2 2MW – this is an optimised variant of the 2 MW SR2000 which recently completed a highly successful year’s test programme at the European Marine Energy Centre (EMEC) where it generated over 3 GWh.
The new turbine, once built, will be installed on the company’s existing berth at EMEC.
The project, benefiting from H2020 support via the FloTEC Project, will be held in the newly formed subsidiary of Orbital Marine Power (Orkney) plc.
Orbital Marine CEO, Andrew Scott, said:
“We want the Orbital O2 2MW to be the springboard for a new, sustainable industry built around floating tidal – one that comes from an idea conceived in Orkney, engineered in Scotland and delivered across a UK supply chain, with the ability to change the world in a better way.”
Bruce Davis, co-founder and joint Managing Director, Abundance, said:
“The recent IPCC report has highlighted the acute importance of bringing innovative and commercial new sources of renewable energy onstream quickly. This is a chance for our customers to back one of the newest and most exciting renewable energy technologies and prove it can work on a commercial basis. The UK is a growing global centre for tidal energy expertise, and as costs continue to fall, tidal power can make a significant contribution to energy generation portfolios around the world.”
To download the offer document and invest, visit: Abundance Investment | Orbital Marine Power Orkney