Cities and coastal areas need to meet growing electricity demand while cutting carbon emissions. Many renewable energy sources depend on the weather, making their supply unreliable.
Scotland’s Orbital Marine Power addresses this issue, operating the world’s most powerful tidal turbine, providing steady, clean energy from fast-moving tidal currents. The company uses floating tidal turbines to produce clean electricity from tidal currents.
Today, it has secured a £7 million investment to advance its international commercial projects. PXN Ventures, which is a partnership of Praetura Ventures and Par Equity, along with existing investors like Scottish Enterprise, participated in the funding round.
The investment comes weeks after the Province of Nova Scotia awarded Orbital and its partner Eauclaire Tidal new tidal energy licences in its 2025 procurement round, a major sign of international confidence in the technology.
Speaking on the investment, Andrew Scott, CEO of Orbital Marine Power, said: “We’re excited to advance the delivery of commercial tidal stream projects whilst driving a meaningful transition to a more sustainable future.”
Pioneering floating turbine technology
Led by Andrew Scott, Orbital focuses on the global application of its pioneering floating turbine technology, which supplies predictable power from tidal streams and ocean currents every day, regardless of weather.
Orbital’s approach reduces manufacturing and installation costs and simplifies maintenance of major turbine components.
Orbital’s floating turbines provide predictable, 24/7 low-carbon power from tidal streams, delivering electricity regardless of weather. With six new turbines at the European Marine Energy Centre, the company will double its capacity, enough to power 18,000 homes, while keeping 70% of the £200m project spend in the UK to support sustainable jobs and a domestic supply chain.
The O2, the company’s tidal turbine, started generating power in July 2021 in Orkney. It has a capacity of over 2 MW and can provide clean energy. The project also helps create sustainable jobs throughout its lifecycle.
What’s next?
The new funding will enable Orbital to double its turbine order book. The company currently holds UK government contracts for 14.4 MW of capacity, including six new turbines planned for the European Marine Energy Centre (EMEC) in Orkney.
Alastair Moore, Investment Director at PXN Ventures, said, “It is an incredibly exciting time to be joining Orbital Marine Power as an incoming investor. The business is paving the way for tidal stream energy to form part of the energy mix and is another fantastic example of the world-leading innovation coming out of Scotland. As electricity demand increases, Orbital has an important role to play in providing base load energy to grids at home and abroad, and we’re delighted to push them closer to delivering this.”
Derek Shaw, Director of Entrepreneurship and Investment at Scottish Enterprise, said, “Tidal energy is one of Scotland’s most exciting opportunities, and Orbital Marine Power is driving the sector forward with world-leading technology. We’re proud to back the business with further investment and are delighted to welcome new investment from PXN Ventures, one of Scottish Enterprise’s long-standing co-investment partners. By investing in such innovation, we can help Scotland reap the sizeable economic benefits of retaining its world-leading position in tidal, while continuing to drive forward our energy transition.”
