Tidal power pioneer Orbital Marine Power secures strategic investment to accelerate global growth
Register for free to read more of the latest local news. It's easy and will only take a moment.
Scottish green energy developer Orbital Marine Power has agreed a strategic partnership which will help it accelerate the global commercialisation of its pioneering tidal energy technology.
Under the agreement, leading energy sector technology provider TechnipFMC will also become a shareholder in Orbital.
Orbital has developed innovative floating tidal technology capable of cost-effectively harnessing predictable, clean energy from flowing currents.
The company recently completed the construction and installation of the world’s most powerful tidal stream turbine, the O2, in the waters off Orkney, and has been exporting low carbon electricity to the UK grid since July 2021.
TechnipFMC has a proven track record of successfully delivering large-scale, fully integrated offshore energy projects to customers around the world.
The companies will now work together to accelerate the market scale-up and deployment of Orbital technology in tidal energy projects. Orbital's low-cost construction and maintenance model and rapid installation processes is seen as key to its growth.
Orbital chief executive Andrew Scott said: “This TechnipFMC partnership is a game changer for Orbital and the wider sector. Representing a significant milestone in growing the long-term value of the company, it validates our approach and proven track record of delivery.
“Working with this leading offshore energy sector integrator will accelerate global adoption of our innovative technology and support the commercial roll out of our unique vision for tidal energy.”
Luana Duffe, executive vice president, new energy ventures at TechnipFMC, commented: “We are very excited to collaborate with Orbital in the tidal energy market. With their technical expertise and differentiated turbine technology and our integrated operating model, we will be able to scale-up our combined offering to deliver more renewable energy to the market.”
