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.
Speaking on the investment, 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 organization who shares our vision and passion for Orbital’s role as a clean energy leader.”
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 £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.
With its already strong base, particularly in Scotland, the UK is now well-placed to become a global center of excellence in tidal energy, complementing its position in offshore wind.
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.”
