Orbital Marine Power, a Scotland-based renewable energy company operating the world’s most powerful tidal turbine, secured a multi-million-pound investment to accelerate commercial tidal-stream projects and support global decarbonisation efforts. The funding round was joined by PXN Ventures, the combined VC arm of Praetura Ventures and Par Equity, alongside existing shareholders including Scottish Enterprise. Orbital develops floating tidal turbines designed to deliver predictable, weather-independent clean electricity from fast-moving tidal currents and ocean flows.
The investment follows new momentum in Canada, where the Province of Nova Scotia recently awarded Orbital and Eauclaire Tidal Ltd substantial tidal-energy licences through its 2025 procurement process. Orbital sources materials and manufactures domestically across the UK, with deployment zones stretching from Orkney to the Isle of Wight. The company’s technology is engineered for extreme marine environments and represents the most advanced solution of its kind in the sector.
Andrew Scott, CEO of Orbital Marine Power, said: “We are delighted to see Orbital Marine Power embark on its newest chapter of growth. 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. We’re excited to advance the delivery of commercial tidal stream projects whilst driving a meaningful transition to a more sustainable future. We also greatly value the continued support and investment from Scottish Enterprise in this round, which has been instrumental in enabling this partnership to happen”.
Orbital is expanding its orderbook after securing UK government CfDs for a total of 14.4MW across six turbines at the EMEC site, which will join existing O2 turbines operating off Orkney. Once deployed, the turbines will collectively generate enough predictable clean energy to power 18,000 homes. The build-out represents a £200 million industrial opportunity for the UK, with an estimated 70% domestic supply-chain contribution expected to stimulate long-term job creation and support a just transition in coastal regions.
Alastair Moore, Investment Director at PXN Ventures, said: “It is an incredibly exciting time to be joining Orbital Marine Power as an incoming investor. 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.”