Orbital Marine Power announced that the Scottish National Investment Bank (SNIB) contributed £4 million. The company also received another £4 million from the abundance investment.
Scottish National Investment Bank (SNIB) Funds Orbital Marine Power's 02 Tidal Turbines
The Scottish engineering firm secured the fund for the ongoing operation of its 02 tidal turbines. There were more than 1,000 investors involved in the project.
SNIB's Executive Director Mark Munro said that the company's investment is consistent with the organization's mission to support homegrown innovation and the just energy transition.
"The company's unique and scalable approach to tidal stream energy has an important role to play in the journey towards net zero," Munro said.
The Scottish National Investment Bank offers debt and equity investments for long-term projects, enterprises, and communities.
According to Orbital, the long-term sale of the turbine's electricity would be used to pay off the debt facilities. The company anticipates producing about 1,000-gigawatt hours of clean, predictable energy. It would be delivered to the UK grid for hydrogen electrolyzers throughout the project.
Orbital marine-power claims that the two-megawatt O2 has a 74-meter structure weighing 680 metric tons. The O2 uses 10-meter-long blades. It began generating electricity for the grid last year.
Scotland and Orbital Marine 02 Update
Scotland has a long history of involvement with North Sea Oil and gas production. But in recent years, the country has also emerged as a hub for businesses and initiatives centered on tidal power and marine energy and general.
The O2 turbine is located at the European Marine Energy Center (EMEC) at Orkney, an archipelago in the north of mainland Scotland. EMEC is a perfect location to test and assess tidal energy projects.
Ocean Energy Europe's Tidal and Wave Energy Update
The tidal wave energy installations increased dramatically in Europe in 2021 as the ocean energy industry deployments returned to pre-pandemic levels. During this period, investment increased significantly.
In comparison to merely 260 kilowatts in 2020, Ocean Energy Europe reported in March that 2.2 megawatts of tidal stream capacity were added in Europe last year.
According to (Ocean Energy Europe) OEE, 681 kW of wave energy was installed throughout Europe in 2021, a threefold increase over 2020.
The wave energy came online in 2021 at 1.3 MW. On the other hand, the tidal stream capacity was 3.12 MW.
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Orbital Marine Power O2 Launch and Innovative Projects
Orbital marine-power is a Scottish engineering company that focuses on unlocking clean predictable power at a low cost.
O2 tidal turbine was launched in 2021, aiming to keep its costs as low as possible. It used floating turbines, which helped accelerate tidal flows. These turbines were installed in channels. It claims to be the world's most powerful operational tidal turbine.
The company has a wide range of innovation projects such as The FORWARD2030 (Fast-tracking Offshore Renewable energy With Advanced Research to Deploy 2030MW of tidal energy before 2030), The Integrating Tidal Energy into the European Grid (ITEG), The Tidal Stream Industry Energiser Project (TIGER), European Union's Horizon 2020 and Targeted Optimal Pitch module for Floating Tidal Energy TOPFLOTE).
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