Scotrenewables Tidal Power has launched a comprehensive company-wide rebranding to Orbital Marine Power, together with public debentures offer to support the buildout of its Orbital O2 tidal energy turbine.
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 newly-rebranded company said.
The new name is inspired by the orbital cycle of the moon around the earth – the reliable provider of tidal energy, according to Orbital Marine.
Speaking about the rebranding, Andrew Scott, CEO of Orbital Marine Power, 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.”
Together with rebranding, Orbital Marine Power has also announced Abundance public debentures offer, targeting £7 million, that will be used to support the build of the company’s first commercial turbine product – the Orbital O2 2MW.
The offer signals progression towards commercializing the company’s floating tidal stream technology, according to Orbital Marine.
The Orbital O2 is an optimized variant of the 2MW SR2000 which recently completed a highly successful year’s test program at the European Marine Energy Centre (EMEC) in Orkney where it generated over 3GWh of clean power.
The new turbine, once built, will be installed on the company’s existing berth at EMEC. The project, benefiting from Horizon 2020 support via the FloTEC project, will be held in the newly formed subsidiary of Orbital Marine Power (Orkney).
“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,” Scott added.