Posted on July 6, 2022
Scottish engineering firm Orbital Marine Power said Monday it secured £8 million ($9.64 million) in funding to “finance the ongoing operation” of its O2 tidal turbine, in another step forward for the fledgling tidal power sector.
In an announcement, Orbital Marine Power said £4 million had come from the Scottish National Investment Bank, which was set up by the Scottish government in November 2020. The other £4 million comes from Abundance Investment, through more than 1,000 individual investors.
According to Orbital Marine Power, its 2-megawatt O2 weighs 680 metric tons and has a 74-meter hull structure. The company describes the O2, which uses 10-meter blades and started grid-connected power generation last year, as “the world’s most powerful tidal turbine.”
Mark Munro, executive director at the SNIB, said its investment in Orbital aligned with its “mission to support home-grown innovation and the just energy transition.”
“The company’s unique and scalable approach to tidal stream energy has an important role to play in the journey towards net zero,” Munro added.