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.
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.
“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.”
In 2018, Orbital had raised £7m through Abundance, in what was the platform’s largest fund-raise to date, to build its 2MW capacity O2 floating tidal turbine.
