Update 08/12/2020. Orbital Marine Power has reached its £1m crowdfunding target in less than one week. The raise, hosted on Crowdcube, is now open to the wider public for further investment. Although the company has already reached the £1m raise target it will keep the opportunity to invest open on the Crowdcube platform, and release further equity under the same terms and conditions for the wider public, who will be able to access the offer for a limited period of time from today.
Disclaimer: This article is for information only and is not a recommendation to invest.
24/11/2020. Orbital Marine Power Ltd (Orbital) is to provide the opportunity to become a shareholder in its pioneering renewable energy business through the Crowdcube investment platform in the weeks ahead.
Orbital, UK-based developers of a leading floating tidal-turbine technology, is crowdfunding to support future commercial activities and ongoing development of its innovative technology within the rapidly growing global market for low-carbon energy, which is estimated to see over £8 trillion invested in new renewables by 2050.
The company is nearing completion of its fully-funded first commercial 2MW unit, the Orbital O2, which will be installed in the waters off the Orkney Islands early next year, where it will become the world’s most powerful operational tidal turbine. Designed to generate significantly more power than its predecessor, the O2 will be capable of meeting the electricity demand of over 1,700 UK homes every year.
The O2 is the culmination of a world leading development programme which saw Orbital achieve the first ever grid-connected floating tidal-turbine in 2011, before going on to deliver its record-breaking 2MW prototype system.
Speaking of the crowdfunding campaign, Orbital’s CEO, Andrew Scott, said: “At Orbital we see our technology playing an important role in the world’s transition to sustainable living, and that presents a hugely exciting opportunity for us as a business. So, we are delighted to offer the opportunity for new shareholders to join us on our trailblazing journey and help us turn the tide on climate change.”
About Orbital Marine Power
Orbital Marine Power Ltd is an innovative UK technology company focused on the development of a tidal-energy turbine technology capable of producing a dramatic reduction in the cost of energy from tidal currents. The Orbital technology has been under continuous engineering development, including rigorous testing of scaled systems in both tank conditions and open ocean environments since the company was founded in 2002. The company currently employs 32 staff with offices in Orkney and Edinburgh.