In less than 1 week Orbital Marine Power Ltd exceeded £1million on its investment crowdfund.
Orbital, Scottish-based developers of the world’s leading floating tidal turbine technology, headquartered in Orkney, is raising equity investment to support future looking commercial activities and ongoing optimisation of its innovative technology.
The Orbital technology has been under continuous engineering development, including rigorous testing in ocean environments at the renowned European Marine Energy Centre (EMEC) Fall of Warness site in Orkney since the company was founded in 2002.
The company is led by CEO Andrew Scott. Commenting on the success of the crowdfund he said:
“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.”
Although the company has already reached the £1m raise target, it will keep the opportunity to invest open on the Crowdcube platform which it is using and release further equity under the same terms and conditions.
Andrew Scott continued:
“This is a very exciting time for us and by overfunding we will be able to further ramp-up our commercialisation 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 will be launching its fully funded first commercial 2MW unit, the Orbital O2,at EMEC early next year, where it will become the world’s most powerful operational tidal turbine, capable of meeting the electricity demand of over 1,700 UK homes every year and solidifying Scotland’s position as a leader in the green energy revolution.
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 in 2016.
Anyone interested in the opportunity can find out more information atcrowdcube.com/orbital.