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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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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.”

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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.
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PRESS RELEASE: SCOTRENEWABLES TIDAL POWER COMMENCES SITE PREPARATION FOR COMMERCIAL PRODUCTION UNIT

Record breaking SR2000 turbine to be recovered from European Marine Energy Centre in Orkney ahead of site preparations for optimised production model.

In a move to start site preparation work for their optimised 2MW floating tidal turbine, Scotrenewables Tidal Power have started work to remove the SR2000 turbine from its test berth at EMEC.  The SR2000’s withdrawal from service at EMEC follows a record breaking year of testing which saw it generate in excess of 3GWh of renewable electricity.  

CEO Andrew Scott said: “The last 12 months have provided unrivalled validation of our engineering and, more importantly, our low cost, low risk solution for tidal stream energy. Our priority now is to ensure we build on this success with the delivery of our next generation turbine, which is supported by EU Horizon2020 funding under the FloTEC project. Having completed the engineering designs for the SR2-2000, we are now preparing for the build and installation phase – this will see the new, optimised unit installed at EMEC. As such, we need to start preparing the site for that installation and concentrate our resources on the build.”  The new SR2-2000 is scheduled to be launched next year and deployed in the early part of 2020.

Commenting on the future of the SR2000, Andrew Scott said: “We are immensely proud of what the SR2000 has achieved in its first year of near-continuous operation, having broken all previous records.  Its exceptional performance has been widely acknowledged, and we are now in discussions with a number of interested parties on the potential to re-deploy the turbine at other sites internationally.”

 

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.

 

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 2012 the company achieved a world’s first when it exported power to the UK grid from its 250kW floating scale model.
  • The SR2000 was launched from Belfast’s Harland & Wolff shipyard in May 2016 before being towed to Orkney.
  • The SR2000 project has been supported by Scottish Enterprise’s WATERS II scheme along with investments from Scotrenewables’ shareholders which include ABB, DP Energy, Fred Olsen, Total and Scottish Government via the Renewable Energy Investment Fund (REIF). The testing programme at EMEC is supported via the FORESEA Interreg-NWE funded project.
  • Scotrenewables has been selected by the European Commission to lead on the engineering and delivery of an optimised model of the SR2000 machine, the SR2-2000. Leveraging £7m Horizon 2020 funding Scotrenewables is lead an industrial consortium to optimise the SR2000 under the “FloTEC” project. 
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PRESS RELEASE: SCOTRENEWABLES TIDAL CLOCKS RECORD LEVEL OF POWER GENERATION

Tidal stream prototype generates 3GWh of predictable renewable electricity in under 12 months

at European Marine Energy Centre in Orkney

Scotrenewables Tidal Power has set another record with its first 2MW floating tidal stream turbine with the unit clocking up over 3GWh of renewable electricity in its first year of testing at the European Marine Energy Centre (EMEC) in Orkney, Scotland. 

In 12 months of continuous operation, including during the worst winter storms in recent years, the pioneering SR2000 – the world’s most powerful operating tidal stream turbine - has supplied the equivalent annual electricity demand of around 830 UK households and at times has been supplying over 25% of the electricity demand of the Orkney Islands.

Underlining the significance of the company’s achievement, and its contribution to the progress of the tidal industry, the 3GWh generated by the SR2000 over the past 12 months is more power than that generated by the entire wave and tidal energy sectors in Scotland in the twelve years prior to the launch of the SR2000 in 2016.

The team at Scotrenewables believes that this, combined with Meygen’s generation of over 8GWh over the past year from four tidal turbines deployed in the Pentland Firth, is convincing evidence of tidal power’s market readiness.

Andrew Scott, Chief Executive Officer of Scotrenewables Tidal Power said: “The SR2000’s phenomenal performance has set a new benchmark for the tidal industry. Despite being an R&D project, and it being our first full scale turbine, its first year of testing has delivered a performance level approaching that of widely deployed mature renewable technologies”.

“The ability to easily access the SR2000 for routine maintenance has been a significant factor in our ability to generate electricity at such levels over the past 12 months, including over winter.  In addition, accessing the SR2000 using “RIBs” and other similar types of low-cost vessel means that our operating costs and outage times are kept to a minimum.”

With support from the EU’s Horizon 2020 scheme, Scotrenewables Tidal Power is planning to start the build of a 2MW commercial production unit later in the year which will also go to Orkney for testing before the company targets sales of the turbine.

Andrew Scott added: “The SR2000 has completed the job of demonstrating that we have a breakthrough technology and we will now be shifting all our focus and resources towards building on that success with a product which we are confident can enable a new industry created around a predictable renewable energy source.”

Commenting on UK government policy, Andrew Scott said: “We are dismayed that there is a total lack of market support here in the UK for our technology, and we have no option but to focus our business on overseas opportunities.”

In May 2018, a report from the Offshore Renewable Energy Catapult said that the tidal stream industry could generate a net cumulative benefit to the UK of £1,400m, including considerable exports, and support 4,000 jobs by 2030.

 

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.

 

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 2012 the company achieved a world’s first when it exported power to the UK grid from its 250kW floating scale model.
  • The SR2000 was launched from Belfast’s Harland & Wolff shipyard in May 2016 before being towed to Orkney.
  • The SR2000 project has been supported by Scottish Enterprise’s WATERS II scheme along with investments from Scotrenewables’ shareholders which include ABB, DP Energy, Fred Olsen, Total and Scottish Government via the Renewable Energy Investment Fund (REIF). The testing programme at EMEC is supported via the FORESEA Interreg-NWE funded project.