Scottish renewable energy company Orbital Marine Power has secured a £7 million (around €8 million) investment to support its international commercial tidal stream projects, following new tidal energy licenses in Canada.
Venture-focused investment firm PXN Ventures, the combined VC arm of Praetura Ventures and Par Equity, has joined existing shareholders, including Scottish Enterprise, to invest in Orbital.
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The investment follows the recently awarded new tidal energy licenses in the Province of Nova Scotia, Canada, for Orbital and Canadian tidal developer Eauclaire Tidal, through the province’s 2025 procurement process.
Alastair Moore , Investment Director at PXN Ventures, said: “ 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. 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.”
Orbital noted it was set to double its turbine orderbook, already having secured Contracts for Difference (CfDs) for a total of six turbines, set to produce 14.4 MW at the European Marine Energy Centre (EMEC) site.
The units will join the company’s existing O2 turbines offshore the Orkney Islands, together capable of powering 18,000 homes.
“ 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 , CEO of Orbital Marine Power .
“We’re 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.”
10 days ago
about 7 months ago
Scottish renewable energy company Orbital Marine Power has secured a £7 million (around €8 million) investment to support its international commercial tidal stream projects, following new tidal energy licenses in Canada. Venture-focused investment firm PXN Ventures, the combined VC arm of Praetura V
