Abundance Investment has launched a new funding scheme to help the public invest in Orbital Marine Power’s new tidal power turbine.
The funding platform is offering a 30-month secured debenture, paying an annual interest rate of 12%.
Orbital Marine Power, formerly named Scotrenewables Tidal Power, aims to use it to secure £7 million to build its first 2MW turbine production model – it says the innovative floating device will be able to be towed, installed and maintained using small boats.
This machine is a more powerful version of the company’s SR2000 2MW prototype tested at the European Marine Energy Centre in Orkney.
The project has already raised £9 million in grants and equity funding, including money provided by the Scottish Government.
Andrew Scott, CEO of Orbital Marine Power, said: “We want the Orbital O2 2MW to be the springboard for a new, sustainable industry built around floating tidal – one that comes from an idea conceived in Orkney, engineered in Scotland and delivered across a UK supply chain, with the ability to change the world in a better way.”