Orbital Marine Power Ltd, operator of the world’s most powerful tidal turbine, has secured a multi-million dollar investment to advance its international commercial projects and contribute to the wider decarbonization of energy.
PXN Ventures—the combined VC arm of Praetura Ventures and Par Equity—joined existing shareholders including Scottish Enterprise to invest in Orbital, a company that uses floating tidal turbines to generate clean, reliable electricity from tidal currents.
The investment follows a major vote of confidence from Canada, where the Province of Nova Scotia recently awarded Orbital and Eauclaire Tidal Ltd significant new tidal energy licenses through the province’s 2025 procurement process.
Orbital harnesses tidal energy along the UK coast, from Orkney to the Isle of Wight, sourcing its materials and manufacturing domestically. The technology is the most advanced of its kind, engineered to withstand and operate in the harshest of conditions, promising to supply predictable power from the world’s tidal streams and ocean currents, regardless of the weather.
Orbital is set to double its turbine orderbook, already having secured CfDs—power contracts with the UK government—for a total of 14.4MW (six turbines) at the European Marine Energy Centre (EMEC) site. These will join Orbital’s existing O2 turbines in the waters off the Orkney Islands, together capable of powering 18,000 homes with uniquely predictable clean power that can meet low carbon power demands 24/7.
The project pipeline offers a unique industrial opportunity for the UK, delivering significant economic value and long-term growth. Orbital is committed to building the estimated USD$265 million (£200 million) of equipment, with around 70% of the supply chain in the UK. This will create high-quality, sustainable jobs throughout the project’s lifecycle, supporting a just transition and growing the domestic and international market for secure, renewable energy.