Scottish energy tech startup Orbital Marine Power, which develops turbines that convert tidal currents into electricity, has raised €8 million to expand its international projects and support global energy decarbonisation.
- Orbital Marine Power was founded in 2002. The company develops floating tidal turbine technology designed to capture energy from tidal streams and ocean currents to generate predictable, low-carbon electricity.
- Its flagship turbine, the O2, is a 74-meter-long floating platform supporting two 1 MW turbines on either side, with a total nameplate capacity of 2 MW.
- The turbines are engineered to operate in harsh marine environments and allow for through-life maintenance of all major components.
- Orbital’s technology can be deployed in coastal tidal sites, rivers, and potentially ocean currents, offering a consistent power supply day and night, year-round. The platform is designed for cost-effective manufacturing, installation, and decommissioning, and can be scaled to provide utility-scale electricity while supporting local supply chains and job creation.
Details of the deal
- The funding round was led by PXN Ventures and Scottish Enterprise, with Highlands and Islands Enterprise providing non-dilutive support to help Orbital develop and showcase local supply chain capabilities in Scotland for its commercial projects.
- Orbital Marine Power will use the investment to accelerate its international tidal-stream projects, including new developments in Canada, and to expand its turbine orderbook at the European Marine Energy Centre by adding six new turbines.
- The funding will also support the development of the UK-based supply chain, creating high-quality, sustainable jobs, while advancing the company’s pioneering floating tidal turbine technology. This investment will help Orbital deliver predictable, 24/7 clean energy, strengthen its position in the global tidal energy market, and contribute to wider decarbonisation and the energy transition.
