Scottish renewable power tech agency Orbital Marine Energy has secured a £7m funding to advance its worldwide industrial initiatives.
Headquartered within the Orkney Islands, Orbital Marine Energy has developed expertise to harness tidal power alongside the UK coast to make use of as a supply of renewable energy.
Designed to resist the harshest of circumstances, the corporate claims its expertise can provide predictable energy from the world’s tidal streams and ocean currents.
Alongside current traders similar to Scottish Enterprise, the spherical noticed an funding from PXN Ventures, a just lately shaped VC created from a merger of northern England and Scotland-focused traders Par Fairness and Praetura Ventures.
“We’re delighted to see Orbital Marine Energy embark on its latest chapter of development. We warmly welcome PXN Ventures as our new investor, an organisation who shares our imaginative and prescient and keenness for Orbital’s function as a clear power chief,” stated Andrew Scott, chief govt of Orbital Marine Energy.
“We’re excited to advance the supply of business tidal stream initiatives while driving a significant transition to a extra sustainable future. We additionally drastically worth the continued assist and funding from Scottish Enterprise on this spherical, which has been instrumental in enabling this partnership to occur.”
The agency has been working in the direction of wider worldwide initiatives, having just lately secured new tidal power licenses within the Canadian province of Nova Scotia.
“It’s an extremely thrilling time to be becoming a member of Orbital Marine Energy as an incoming investor. The enterprise is paving the best way for tidal stream power to type a part of the power combine and is one other improbable instance of the world-leading innovation popping out of Scotland,” stated Alastair Moore, funding director at PXN Ventures.
“As electrical energy demand will increase, Orbital has an necessary function to play in offering base load power to grids at dwelling and overseas, and we’re delighted to push them nearer to delivering this.”
