Tidal energy company Orbital Marine Power has secured a £7 million (USD$9.32 million) investment to advance its international commercial projects. PXN Ventures – the combined VC arm of Praetura Ventures and Par Equity – joined existing shareholders including Scottish Enterprise.
Orbital harnesses tidal energy along the UK coast, from Orkney to the Isle of Wight, sourcing its materials and manufacturing domestically. The company’s O2 turbine was recently used in a test by the European Marine Energy Center to fuel production of green hydrogen.
“We warmly welcome PXN Ventures as our new investor, an organisation who shares our vision and passion for Orbital’s role as a clean energy leader,” said Andrew Scott, CEO of Orbital Marine Power. “We’re excited to advance the delivery of commercial tidal stream projects whilst driving a meaningful transition to a more sustainable future. We also greatly value the continued support and investment from Scottish Enterprise in this round, which has been instrumental in enabling this partnership to happen”
Orbital is set to double its turbine orderbook, already having secured CfDs – power contracts with the UK government – for a total of 14.4MW (six turbines) at the European Marine Energy Centre (EMEC) site. These will join Orbital’s existing O2 turbines in the waters off the Orkney Islands, together capable of powering 18,000 homes with uniquely predictable clean power that can meet low carbon power demands 24/7.
“It is an incredibly exciting time to be joining Orbital Marine Power as an incoming investor,” said Alastair Moore, Investment Director at PXN Ventures. “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.”
