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Insider UK
Business
Katrine Bussey, PA Scotland

Milestone for tidal energy firm Orbital Marine Power as it secures £8m finance deal

Orbital Scottish National Investment Bank

Green energy company Orbital Marine Power says it has reached a milestone after securing £8m funding for its tidal turbine device.

Orbital Marine Power has secured £4mn from the Scottish National Investment Bank and a further £4 million of finance from individuals, who are providing cash via an investment platform. Insider reported on Orbital's crowdfunding ambitions in May.

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.

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