Members of the Orbital Marine Power Ltd community who received early access to the company’s crowdfunding campaign have already pushed the company past its £1 million target in less than one week.
Orbital, Scottish-based developers of floating tidal turbine technology, is raising equity investment to support future looking commercial activities and ongoing development of its technology within the rapidly growing global market for low-carbon energy, which is predicted to see over £8 trillion invested in new renewable energy projects by 2050.
“This level of endorsement and support is inspiring for us – that our vision as a business for helping to turn the tide on climate change resonates with so many people is really rewarding. I look forward, with pleasure, to bringing onboard our fantastic new shareholders whose commitment will be hugely motivational for the entire team at Orbital,” said Chief Executive Officer Andrew Scott.
Although the company has reached the £1 million raise target, it will keep the opportunity to invest open on the Crowdcube platform for a limited period of time from today and release further equity under the same terms and conditions for the wider public. “This is a very exciting time for us and by overfunding we will be able to further ramp-up our commercialization activities and accelerate the deployment of our technology at scale — an objective which can’t come soon enough in the effort to tackle climate change,” said Scott.
Orbital is nearing completion of its first commercial 2-MW unit, the Orbital O2, which will be installed in the waters off the Orkney Islands in early 2021. At that time it will be the world’s most powerful operational tidal turbine, capable of meeting the electricity demand of over 1,700 UK homes every year, Orbital said. The O2 is the culmination of a world leading development program that saw Orbital achieve the first grid-connected floating tidal turbine in 2011 before delivering its 2-MW prototype system in 2016.
The Orbital technology has been under continuous engineering development, including testing of scaled systems in tank conditions and open ocean environments, since the company was founded in 2002. The O2 project has received funding from the European Union’s Horizon 2020 research and innovation program under the FloTEC project (grant agreement No. 691916) and the European Regional Development Fund through the Interreg North West Europe Programme under the ITEG project. This project has also received support under the framework of the OCEANERA-NET COFUND project, with funding provided by national/regional sources and co-funding by the Horizon2020 program.