Release Date: 24 November, 2021
Orbital, the renewable energy company focused on the development and global application of its pioneering floating turbine technology, has today welcomed the department for business, energy and industrial strategy (BEIS)’s announcement of ring-fenced funding for tidal stream in pot 2 of the upcoming AR4 CfD round.
This decision validates the UK market for tidal stream, while providing a more level playing field for Orbital’s unique floating technology to support the global transition to a net-zero future. As one of the most predictable sources of renewable energy, tidal stream generation is a unique proposition in this space, but it had previously been disadvantaged in the UK by the parameters of the AR4 bidding process.
Andrew Scott, Chief Executive Officer at Orbital, said: “We have long called for this sort of ring-fenced funding to develop this important technology and to further build a home-grown industry around it.
“Having this clear, positive signal from UK Government gives us the platform to grow the investment in our pioneering business and unlock the vital investments we need to make in our supply chain and projects to deliver an exciting, new renewable energy sector that can help turn the tide on climate change. This will see sustainable, green jobs created in the UK along with predictable, low carbon electricity generated to help deliver net zero against the backdrop of a global export market.”