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
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.”
Media contacts at Orbital Marine Power (formerly Scotrenewables)
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.
- Go to www.orbitalmarine.com
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