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PRESS RELEASE: Orbital Marine Power and SKF awarded funding to deliver performance improvement technology

 

Orbital Marine Power and SKF awarded 1.2m (UK£1.07m) funding to deliver performance improvement technology for tidal energy turbine.

ISSUED 31/10/2018.

Leading Scottish tidal turbine developer, Orbital Marine Power, together with global drivetrain solutions provider SKF have been awarded research funds totalling €1.2 million (UK£1.07m) by the European Ocean Energy ERA-NET Cofund  to support a pitch controller project that will improve the performance of Orbital Marine’s floating tidal turbine.

TOPFLOTE, “Targeted Optimal Pitch module for Floating Tidal Energy”, will deliver a controller for floating tidal turbine blades allowing the blades’ pitch angle to be readily varied in real time to manage dynamic loadings and optimise power performance.

Orbital Marine CEO, Andrew Scott, said: “Pitch controllers have enabled the dramatic increases in turbine and blade scale that we’ve seen in the wind energy sector over the past decade resulting in significant energy cost reductions. We are delighted to be working with SKF on this project which will unlock similar improvements for our technology, where we are targeting up to a 50% increase in yield from our machines, bringing our performance firmly in line with more established technologies”.

The pitch module will be engineered through 2019 and incorporated for performance testing on Orbital Marine Power’s upcoming commercial demonstrator turbine, the Orbital O2 2MW, scheduled to be installed at the European Marine Energy Centre, Orkney in 2020.   The module will control two sets of blades with 20m rotor diameters, the largest the company has installed to date.

The pitch modules will be delivered by SKF’s recently established advanced solutions factory in Gothenburg, Sweden. With SKF’s extensive engineering and product portfolio, it has the right capability to meet the industry’s technological challenges and requirements.  The TOPFLOTE collaboration represents a significant evolution of SKF's long standing engagement and support of Orbital Marine's technology development programme.

Michael Baumann, Business Development Manager Marine and Ocean Energy at SKF said,  “We see tremendous potential for floating tidal technology due to its low installation and operating costs, and are delighted to be bringing our experience to bear on delivering a key enabling solution to drive cost reductions and accelerate the rollout of the Orbital Marine’s floating tidal technology.”

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Media contacts at Orbital Marine Power Ltd:

James Murray, Business Development Manager: 01856 851641 / This email address is being protected from spambots. You need JavaScript enabled to view it.

Paul Taylor, Taylor Keogh Communications: 020 8392 8250 / This email address is being protected from spambots. You need JavaScript enabled to view it.

For Scottish media enquiries, David Budge: 0141 249 0396 / This email address is being protected from spambots. You need JavaScript enabled to view it.

Notes to Editor:

ABOUT ORBITAL MARINE POWER LTD    www.orbitalmarine.com                                        

  • Orbital Marine Power Ltd (formerly named Scotrenewables Tidal Power Ltd) is an innovative Scottish engineering company focused on the development of a tidal energy turbine technology with the potential to produce a step-change reduction in the cost of energy from tidal currents. The company’s novel floating technology offers a low cost solution for simplified and safe manufacture, installation, access and maintenance, along with the ability to use low cost, small workboats for all offshore operations. The company currently employs 23 staff with offices in Orkney and Edinburgh.
  • The Orbital Marine technology has been under continuous engineering development, including rigorous testing of scaled systems in both tank conditions and open ocean environments, since the company was founded in Orkney in 2002.
  • In 2016 the company launched the SR2000, the world’s most powerful tidal stream turbine. The SR2000 produced in excess of 3GWh of electricity over its initial 12 month test programme.

ABOUT SKF

SKF supplies bearings, seals, mechatronics, condition monitoring, lubrication systems and services to around 40 global industries, to provide reliable rotation to their customers.

Working for decades with the wind, marine, hydroelectric and offshore oil and gas industries around the world, SKF uses the technical knowledge and innovative skills from these synergistic industries to address ocean energy challenges. SKF’s dedicated Ocean Energy team works collaboratively with the most advanced tidal turbine prototype device developers and sub component suppliers, to help them design in reliability at an early stage.

ABOUT THE OCEAN ENERGY ERA-NET COFUND

 -     The Ocean Energy ERA-NET Cofund (OCEANERA-NET COFUND) is an initiative of eight national and regional government agencies from six European countries, which has received funding from the European Union under the Horizon 2020 Programme for Research and Innovation. The participating countries / regions are: the Basque Country, Brittany, Ireland, Pays de la Loire, Portugal, Scotland, Spain and Sweden

-      The aim is to coordinate support for research and development in ocean energy, to encourage collaborative projects that tackle some of the key challenges identified for the sector as it progresses towards commercialisation.

-      Key objectives are to maintain and grow Europe’s world leading position in ocean energy, to help bring innovative low carbon energy solutions closer to commercial deployment, drive down the levelised cost of energy (LCoE), create growth and jobs and reduce the environmental impact of the energy system.

-      https://www.oceancofund.eu/

 

Orbital O2 2MW

 Pitching system detail

 

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PRESS RELEASE: Scotrenewables renames as Orbital Marine Power

Scotrenewables renames as Orbital Marine Power

in reference to the moon’s orbit and reliable tidal power

ISSUED 15/10/2018.

Scotrenewables Tidal Power Limited today announces a comprehensive company-wide rebranding to Orbital Marine Power Ltd (“Orbital Marine” the “Company”).

The new name is inspired by the orbital cycle of the moon around the earth, the reliable provider of tidal energy.  

Speaking about the rebranding, Andrew Scott, CEO, said: “After a comprehensive exercise, we are really pleased to introduce our new brand identity, and to do so at such an exciting time for the business, as we begin the build of our next generation turbine, the Orbital O2 2MW (previously referred to as the SR2 2000).”

The Orbital Marine name and corporate identity will carry through to subsidiaries, turbine products and services, and aligns with the Company’s business and technology development strategy.

The re-branding exercise has included updated brand mark, social media profiles and website, renamed as www.orbitalmarine.com 

Same Company. Just with a new name.

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Media contacts at  Orbital Marine Power (formerly Scotrenewables Tidal Power Ltd):

James Murray, Business Development Manager: 01856 851641 / This email address is being protected from spambots. You need JavaScript enabled to view it.

Paul Taylor, Taylor Keogh Communications: 020 8392 8250 / This email address is being protected from spambots. You need JavaScript enabled to view it.

For Scottish media enquiries, David Budge:  0141 249 0396 / This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Notes to Editor:

ABOUT ORBITAL MARINE POWER LTD ( www.orbitalmarine.com )

Orbital Marine Power Ltd (formerly Scotrenewables Tidal Power Ltd) is an innovative Scottish engineering company focused on the development of a tidal energy turbine technology with the potential to produce a step-change reduction in the cost of energy from tidal currents. The company’s novel floating technology offers a low cost solution for simplified and safe manufacture, installation, access and maintenance along with the ability to use low cost, small workboats for all offshore operations. The company currently employs 23 staff with offices in Orkney and Edinburgh.

  • The Orbital Marine technology has been under continuous engineering development, including rigorous testing of scaled systems in both tank conditions and open ocean environments, since the company was founded in Orkney in 2002.
  • In 2016 the company launched the SR2000, the world’s most powerful tidal stream turbine. The SR2000 produced in excess of 3GWh of electricity over its initial 12 month test programme.
  • Please visit updated website orbitalmarine.com for further information and updates.
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PRESS RELEASE: Orbital Marine Power announces Abundance public debentures offer

Orbital Marine Power announces Abundance public debentures

offer to deliver floating Orbital O2 2MW  tidal turbine

ISSUED 16/10/2018.

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 2MW SR2000 which recently completed a highly successful year’s test programme at the European Marine Energy Centre (EMEC) where it generated over 3GWh.

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.”

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Press release image 2

Media contacts at Orbital Marine Power (formerly Scotrenewables)

James Murray, Business Development Manager: 01856 851641 / This email address is being protected from spambots. You need JavaScript enabled to view it.

Paul Taylor, Taylor Keogh Communications: 020 8392 8250 / This email address is being protected from spambots. You need JavaScript enabled to view it.

For Scottish media enquiries, David Budge:  0141 249 0396 / This email address is being protected from spambots. You need JavaScript enabled to view it.

Notes to Editor:

ABOUT ORBITAL MARINE POWER LTD    www.orbitalmarine.com                                        

  • Orbital Marine Power Ltd (formerly named Scotrenewables Tidal Power Ltd) is an innovative Scottish engineering company focused on the development of a tidal energy turbine technology with the potential to produce a step-change reduction in the cost of energy from tidal currents. The company’s novel floating technology offers a low cost solution for simplified and safe manufacture, installation, access and maintenance along with the ability to use low cost, small workboats for all offshore operations. The company currently employs 23 staff with offices in Orkney and Edinburgh.
  • Orbital Marine Power (Orkney) plc is a wholly owned subsidiary of Orbital Marine Power Ltd.
  • The Orbital Marine technology has been under continuous engineering development, including rigorous testing of scaled systems in both tank conditions and open ocean environments, since the company was founded in Orkney in 2002.
  • In 2016 the company launched the SR2000, the world’s most powerful tidal stream turbine. The SR2000 produced in excess of 3GWh of electricity over its initial 12 month test programme.

ABOUT ABUNDANCE INVESTMENT ( www.abundanceinvestment.com )

Abundance is a leading direct investment platform that is putting people in control of their money. People invest in individual projects that generate something good for the environment and society as well as bank-beating returns.

The investor chooses which project or business to invest in from just £5 and benefits from a financial return, while the world benefits from the growth of sustainable businesses.

Since launching in 2012, more than 5250 people have invested £75m directly into the projects they support via the Abundance platform, with over £12m returned to investors. In the process, Abundance has achieved a number of firsts. As well as being the world’s first FCA-regulated peer-to-peer investment company, it is also the first investment platform to offer a dedicated peer-to-peer investment SIPP and launched the UK’s first innovative finance ISA for renewable energy investments on November 1st 2016.

Abundance and Abundance Investment are trading names of Abundance Investment Ltd which is authorised and regulated by the Financial Conduct Authority (no. 525432).

Risk Warning: As with any investment product there are risks. Part or all of your original invested capital may be at risk and any return on your investment depends on the success of the project invested in. You should be prepared to hold Abundance investments for their full term (and many will have terms of more than 15 years). Abundance investments may not be readily realisable (and their value can rise or fall). They may be secured or unsecured, and where they are secured this does not ensure repayment. Estimated rates of return can be variable and estimates are no guarantee of actual return. Specific risks will apply in relation to each product. Consider all risks before investing and read the Offer Document for each investment.

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PRESS RELEASE: NEW INVESTMENT IN PREPARATION FOR NEW TURBINE BUILD

NEW INVESTMENT IN PREPARATION FOR NEW TURBINE BUILD

TECHNOLOGY INVESTOR MATT MCGRATH AND INDUSTRY LEADERS TO JOIN BOARD OF DIRECTORS.

ISSUE DATE: 26/09/18

Scotrenewables welcomes new investment and director appointments ahead of starting a new turbine build which will see an optimised 2MW floating turbine installed at the European Marine Energy Centre in Orkney. The multi-million pound investment is led by a private investor group including the McGrath family, sector leader Matthias Haag as well as ongoing public sector support through the Scottish Government’s Energy Investment Fund.

As an award winning technology developer and investor Matt McGrath brings significant business experience, having built and operated his own equipment manufacturing business, Scotland and Hong Kong based Aircraft Medical, with operations in over 50 countries before its $110m sale in 2015.

Matthias Haag’s most recent role was Chief Executive Officer of Gemini, one of the largest offshore wind parks in the world. The 600MW Gemini wind park has been built under his leadership over the last three years and is now providing revenues of about €400 million per year.  Gemini was project financed with € 2.8 billion by more than 25 global banks, the EIB and three Export Credit Agencies.

McGrath family investors include Sian George (née McGrath) who has Chaired the Board of Scotrenewables since February 2016, and will continue to do so.  As a sector investor Sian George is a proven leader in the energy technology and services sector. She was previously the CEO of Ocean Energy Europe, the trade body for ocean renewables in Europe. Since joining the marine energy sector in 2005 she has served on several advisory boards for the UK government and European Commission.

Scotrenewables CEO, Andrew Scott, said of the investment: “As we enter a new exciting phase of turbine build and commercialisation, the new appointments add significant industry and commercial experience and I’m looking forward to having their support and input”. 

Speaking for the McGrath family, Matt said “We have been involved in the renewable sector for some time and have developed a strong belief in floating tidal stream converters. The recent records achieved by Scotrenewables are a demonstration of a platform technology that works, and with time we see it has enormous potential”

Paul Wheelhouse, Scotland’s Minister for Energy, Connectivity and the Islands said “I am delighted that Scotrenewables Tidal Power has secured private investment that will support its ongoing development so soon after it announced that its ‘SR2000’ tidal turbine in Orkney - the most powerful turbine deployed in the World - has already generated 3 GWh of electricity to the grid in the past 12 months. Scotland continues to lead the World in the development and deployment of tidal stream technologies and this latest investment is yet more evidence of the strength of Scotland’s marine energy sector; a sector that has a potentially significant role to play in the energy transition, both at home and in international markets.”

Ends

Media contacts at Scotrenewables Tidal Power Ltd:

James Murray, Business Development Manager: 01856 851641 / This email address is being protected from spambots. You need JavaScript enabled to view it.

Paul Taylor, Taylor Keogh Communications: 020 8392 8250 / This email address is being protected from spambots. You need JavaScript enabled to view it.

For Scottish media enquiries, David Budge:  0141 249 0396 / This email address is being protected from spambots. You need JavaScript enabled to view it.

Notes to Editor:

About The Energy Investment Fund

The Energy Investment Fund (EIF) was launched as part of the Scottish Government’s Energy Strategy, published in December 2017, and is delivered by the Scottish Investment Bank, the investment arm of Scottish Enterprise – on behalf of the Scottish Government and its Enterprise Agencies. Building on the success of its predecessor, the Renewable Energy Investment Fund, EIF provides flexible investment and debt funding for energy projects in Scotland that will facilitate, catalyse and accelerate Scotland’s transition to a low carbon economy.

ABOUT SCOTRENEWABLES TIDAL POWER (www.orbitalmarine.com)

  • Scotrenewables Tidal Power Limited is an innovative Scottish engineering company focused on the development of a tidal energy turbine technology with the potential to produce a step-change reduction in the cost of energy from tidal currents.  The company’s novel floating technology offers a low cost solution for simplified and safe manufacture, installation, access and maintenance along with the ability to use low cost, small workboats for all offshore operations. The company currently employs 26 staff with offices in Orkney and Edinburgh.
  • The technology has been under continuous engineering development, including rigorous testing of scaled systems in both tank conditions and open ocean environments, since the company was founded in Orkney in 2002.
  • In 2016 the company launched the SR2000, the world’s most powerful tidal stream turbine.  The SR2000 produced in excess of 3GWh of electricity over its test programme.  In its last 12 months of continuous operation,  the SR2000 supplied the equivalent annual electricity demand of around 830 UK households and at times over 25% of the electricity demand of the Orkney Islands.