Orkney-based Orbital Marine Power has landed a £7 million investment deal from PXN Ventures to power the next wave of its tidal technology and pursue international commercial projects.

Using floating tidal turbines to generate clean, reliable electricity from tidal currents, Orbital harnesses energy along the UK coast, with a design built for cost‑efficient servicing and scalable manufacturing.

The fresh capital, which comes alongside support from existing shareholders, including Scottish Enterprise, will fuel Orbital’s growth mission. The company said it is on course to double its turbine orderbook, underpinned by UK Government contracts for a total of six turbines delivering 14.4MW  at the European Marine Energy Centre (EMEC) site in Orkney.

These will join Orbital’s existing O2 turbines in the waters off the Orkney Islands, capable of powering 18,000 homes with predictable, clean power that can meet low-carbon demands.

Orbital’s flagship turbine, operational since July 2021, has proven to generate enough clean electricity to meet the demand of around 2,000 UK homes and offset approximately 2,200 tonnes of CO2 production per year.

“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.”

Sourcing its materials and manufacturing domestically, Orbital said it is committed to building the estimated £200 million of equipment it needs, with around 70% of the supply chain in the UK. 

Highlands and Islands Enterprise has provided non-dilutive funding to support Orbital in demonstrating local supply chain capabilities to support these commercial plans, with the company aiming to see Scotland become a global centre of excellence in tidal energy.

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While focusing on its Scottish operations, Orbital has stretched itself to international markets, too. Most recently, the Province of Nova Scotia, Canada, awarded Orbital and Eauclaire Tidal Ltd new tidal energy licenses through this year’s procurement process.

“It is an incredibly exciting time to be joining Orbital Marine Power as an incoming investor,” said Alastair Moore, investment director at the newly created equity firm PXN Ventures.

“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.”