Scotrenewables renames as Orbital Marine Power and annouces Abundance public debentures offer
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.”