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Statement on SALTIRE TIDAL ENERGY CHALLENGE FUND

The Scottish Government has launched a £10 million fund to support commercial deployment of tidal energy generation in Scottish waters through driving innovation and reduction in the cost of electricity generated.   Responding to the announcement, Andrew Scott, CEO of Orbital Marine said:

“The tidal industry is at an exciting point; nowhere else in the world are thousands of homes being powered from predictable, renewable tidal stream energy other than Scotland. This achievement has been the result of a lot of hard work and commitment over the years from both Scottish Government and the industry. 

As a Scottish technology developer who has contributed to this progress we applaud the Scottish Government for recognising the unique challenges that we now must overcome to commercialise technologies and grow an industry that can deliver further success domestically and globally.” 

Scottish Government Press Release

Media Enquiries: James Murray, Business Development Manager, Orbital Marine Power

This email address is being protected from spambots. You need JavaScript enabled to view it.

Tel. 01856 851641

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PRESS RELEASE: Abundance closes largest investment to date for Orbital Marine Power, raising £7 million for world’s most powerful tidal stream turbine

  • Orbital Marine Power (Orkney) will fund construction of the UK’s first floating tidal stream turbine to go into commercial production.
  • c2,300 individual investors invested an average of c£3,000, with over half investing via their ISAs for a tax-free return.
  • Particularly strong support from investors in Scotland, investing the highest average amount at £4,500 each.
  • Full £7 million target achieved on January 1st.

The UK’s leading peer-to-peer ethical investment company Abundance has closed its largest fund raise to date, raising £7 million for innovative Scottish tidal energy company Orbital Marine Power (Orkney).

Orbital Marine Power (formerly Scotrenewables Tidal Power) will use the funds raised to build its first production model Orbital O2 2MW turbine, an innovative floating tidal turbine platform that can be towed, installed and easily maintained. The project already has secured a number of supporting grants as well as equity funding, including from the Scottish Government.

The Abundance offer of 2.5-year debentures with an annual return of 12% attracted 2,278 individual investors, with over half investing via an Innovative Finance ISA for a tax-free return. The average investment was approximately £3,000, with the project attracting particularly strong interest from investors in Scotland who put in 50% more on average, at £4,500.

Bruce Davis, co-founder and joint Managing Director, Abundance, said: “2019 promises to be the best year yet for the environmental and social investment sector, and it feels significant that our largest investment to date reached its £7 million target on New Year’s Day. The UK can rightly claim to be a world leader in tidal generation technology and our customers have backed it enthusiastically.”

With this new investment, Orbital Marine Power plans to build its Orbital O2 2MW turbine over the next 12 months, for deployment at Orkney’s European Marine Energy Centre (EMEC) during 2020. The Orbital O2 turbine comprises a 73m-long floating superstructure, supporting two 1MW turbines on either side. The new turbine will draw upon the success of Orbital’s SR2000 turbine which was launched in 2016 and produced in excess of 3GWh of electricity over its initial 12-month test programme at EMEC.

Orbital’s floating turbine simplifies installation and maintenance as risky underwater operations can be avoided, keeping costs and downtime low, while floating systems can be deployed over a wide range of tidal sites in UK and global waters.

Andrew Scott, CEO, Orbital Marine Power, said: “We are delighted with this funding result; it’s a terrific endorsement of our technology and a clear signal that the UK public is hugely supportive of seeing tidal energy brought into the domestic and global energy mixes. The whole team at Orbital Marine are excited to be moving forwards with this flagship project and deliver the first O2 unit for costs similar to offshore wind and so provide the basis for a new and sustainable industry. This a journey we are now honoured to be taking with thousands of new investors, thanks to Abundance.”

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Orbital O2 Still 161118

Orbital O2 2MW

Notes to Editor:

Media contacts

For Abundance:

Sophy Fearnley-Whittingstall: This email address is being protected from spambots. You need JavaScript enabled to view it.  07979 368 238

Martin Campbell: This email address is being protected from spambots. You need JavaScript enabled to view it.  07803 634 695

For Orbital Marine Power:

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.

About Abundance Investment

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 5500 people have invested over £85m directly into the projects they support via the Abundance platform, with over £18m 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.

Visit: www.abundanceinvestment.com

About Orbital Marine Power

  • 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 24 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.
  • The Orbital O2 is also being supported by grant funding from the EU Horizon2020 FloTEC:  Floating Tidal Energy Commercialisation project, Interreg NWE Integrating Tidal Energy Generation (ITEG) and the OCEANERA-NET COFUND.

Go to www.orbitalmarine.com

An animation of the Orbital O2 2MW is available to view here: https://youtu.be/9hN3dBpPu8Q

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.

 

Published on

Orbital Marine Power scoops Best Innovation Award 2018

At the Scottish Green Energy awards in Edinburgh last night (Dec 6th), Orbital Marine Power’s pioneering SR2000 tidal turbine scooped the Best Innovation Award after generating more power in one year than had been produced by Scotland’s entire wave and tidal energy sector in the 12 years prior to its launch.
 
Andrew Scott, Orbital Marine Power’s CEO said:

“It’s fantastic news that the judging panel selected us to win this prestigious award from a very high quality shortlist. It’s great recognition for the Orbital Marine team which has worked so hard over the years to deliver a new, truly innovative renewable energy technology. Coming at the end of what has been a very successful year for the company, this award is a tremendous confidence boost for the team, as we look forward to starting work next year on the construction of the O2, our next generation commercial production tidal turbine, scheduled for deployment at EMEC in 2020.”

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SR2000 on site at European Marine Energy Centre, Orkney 

 

Video produced in April 2018 summarising achievements of test programme

Media contacts at Orbital Marine Power

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.

 

 

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PRESS RELEASE: Orbital Marine Power signs agreement with Menter Môn for Anglesey tidal array project.

Anglesey has received a further boost to its ambition to become a centre of excellence for tidal stream energy as Orbital Marine Power, the leading Scottish based tidal technology developer, has signed an agreement to demonstrate its award-winning floating tidal technology at the Morlais Tidal Energy Project.

The agreement with Menter Môn, the not for profit developers of the project, would see a commercial scale tidal array of Orbital’s recently unveiled ‘O2’ 2MW tidal turbine which Orbital believes will be the most powerful tidal generating platform in the world.   Each 2 MW unit is capable of producing electricity equivalent to the demands of 1,500 typical UK homes. 

The Morlais Tidal Energy Project is being developed with part funding by the European Regional Development Fund through the Welsh Government, to facilitate commercial deployments of a range of tidal energy technologies and has the potential to create one of the largest tidal stream energy sites in the world.   Menter Môn was first awarded rights to develop the site from the Crown Estate in 2014.  The Morlais project has secured a grid connection offer and following completion of environmental assessments, a consent application is due to be submitted in mid 2019.  

Gerallt Llywelyn Jones, Director with Morlais said: “This is great news for us and shows that there is confidence in what we are aiming to achieve in Anglesey. Orbital Marine Power has a great reputation for innovation in this sector and we are delighted to be working closely with them.

“One of our key aims is to secure maximum benefit in Anglesey through the project, by generating income that can be re-invested into our other development and job creation initiatives. Orbital’s floating tidal technology is designed around the use of locally based workboat vessels and service teams for all installation and maintenance requirements and we therefore believe they will be a great fit towards meeting our objectives”

Orbital Marine’s CEO Andrew Scott said, “The Morlais project gives us line of sight to a commercial and scalable tidal energy array in UK waters. The concentration of tidal energy off the coast here, supported by great infrastructure in North Wales, makes this an ideal location to build out a new marine industry that can create new demand for skills and services both locally and further afield. So we are delighted to be working with the Morlais team to help realise the tidal power opportunity that exists in Anglesey’s waters.”

Also attending the signing, Rhun ap Iorwerth, Assembly Member for Anglesey said: “Having yet another innovative energy partner coming on board is a big boost for the Morlais project and is great news for Anglesey.  I’m proud of the work that Menter Môn is doing here on the island through Morlais, which has huge potential to put us on the map as a hub for tidal stream energy.”

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Morlais Director Gerallt Llywelyn Jones and Orbital Marine Power CEO Andrew Scott

C 1569 3847

Morlais Director Gerallt Llywelyn Jones, Orbital Marine Power CEO Andrew Scott and Rhun ap Iorwerth Assembly Member for Anglesey.

Media contacts at Orbital Marine Power

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:

  • Menter Môn is a social enterprise which works across north Wales to deliver a range of regeneration, environmental and cultural projects for the benefit of local communities. By working in partnership with government, the third sector, business and individuals, Menter Môn attracts funding from different sources to add value and to contribute to creating a sustainable future.
  • Menter Môn was first awarded rights to develop the Zone from the Crown Estate in 2014. The Morlais project has secured a grid connection offer and following completion of environmental assessments, a consent application is due to be submitted mid 2019.
  • 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 24 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.
  • Orbital’s upcoming production model, the Orbital O2 2MW is being supporting by grant funding support from the European Horizon2020 FloTEC: Floating Tidal Energy Commercialisation project, Interreg NWE Integrating Tidal Energy Generation (ITEG) and the OCEANERA-NET COFUND.
  • The Orbital O2 2MW will also be funded through a live debenture offer on Abundance Investment, a leading direct investment platform.
  • An animation of the Orbital O2 2MW is available to view here: https://youtu.be/9hN3dBpPu8Q. Footage available on request.
  • On 14th November 2018, Orbital Marine Power’s pioneering engineering work was awarded two awards by the Institution of Engineering and Technology: the Power and Energy Innovation Award and the Innovation Award for Model-Based Engineering.