Scottish renewable energy tech firm Orbital Marine Power has secured a £7m investment to advance its international commercial projects.
Headquartered in the Orkney Islands, Orbital Marine Power has developed technology to harness tidal energy along the UK coast to use as a source of renewable power.
Designed to withstand the harshest of conditions, the company claims its technology can supply predictable power from the world’s tidal streams and ocean currents.
Alongside existing investors such as Scottish Enterprise, the round saw an investment from PXN Ventures, a recently formed VC created from a merger of northern England and Scotland-focused investors Par Equity and Praetura Ventures.
“We are delighted to see Orbital Marine Power embark on its newest chapter of growth. We warmly welcome PXN Ventures as our new investor, an organisation who shares our vision and passion for Orbital’s role as a clean energy leader,” said Andrew Scott, chief executive of Orbital Marine Power.
“We are excited to advance the delivery of commercial tidal stream projects whilst driving a meaningful transition to a more sustainable future. We also greatly value the continued support and investment from Scottish Enterprise in this round, which has been instrumental in enabling this partnership to happen.”
The firm has been working towards wider international projects, having recently secured new tidal energy licenses in the Canadian province of Nova Scotia.
“It is an incredibly exciting time to be joining Orbital Marine Power as an incoming investor. The business is paving the way for tidal stream energy to form part of the energy mix and is another fantastic example of the world-leading innovation coming out of Scotland,” said Alastair Moore, investment director at PXN Ventures.
“As electricity demand increases, Orbital has an important role to play in providing base load energy to grids at home and abroad, and we’re delighted to push them closer to delivering this.”
