Abundance Delivers £7M for Orbital Marine’s Tidal Project

Abundance has raised £7 million for 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 floating tidal turbine.

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 73 meters-long floating superstructure, supporting two 1MW turbines on either side.

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.”

Share this article

Follow Marine Energy

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

OEE Conference & Exhibition 2019

OEE2019 is organised by Ocean Energy Europe, the industry association representing ocean energy in Europe.

read more >

Offshore Energy Exhibition and Conference (OEEC) 2019

Offshore Energy Exhibition and Conference (OEEC) is where the energy transition takes place. It is Europe’s leading gathering of the entire offshore energy industry and your opportunity to network with highly qualified experts and professionals across global markets.

For more than 12 years OEEC is unique in bringing together the offshore energy industry sectors oil & gas, offshore wind and marine energy. More than 550 exhibitors from around the world present their newest services, projects and innovative products. On top of this OEEC presents international trade missions, pavilions, exclusive network lounges of the OEEC member club, the Startup Zone, matchmaking areas, the Stage and networking drinks. Approximately 12,000 professionals will visit the exhibition, take part in strategic discussions, immersive technical conference sessions focusing on the future and technical developments in the industry. Three days of networking and together shaping the future of energy.

So the question is not if but how you will be participating at Offshore Energy 2019.

More info

read more >

The International Tidal Energy Summit 2019

The 2019 International Tidal Energy Summit will bring together 120 dedicated tidal energy leaders.

read more >