Orbital Marine Power secures £7 million investment

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.

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 set to double its turbine orderbook, already having secured CfDs – power contracts with the UK government – for a total of 14.4 MW (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 centre of excellence in tidal energy, complementing its position in offshore wind.

Alastair Moore, Investment Director at PXN Ventures, added: “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.”

Derek Shaw, Director of Entrepreneurship and Investment at Scottish Enterprise, concluded: “Tidal energy is one of Scotland’s most exciting opportunities, and Orbital Marine Power is driving the sector forward with world-leading technology. We’re proud to back the business with further investment and are delighted to welcome new investment from PXN Ventures, one of Scottish Enterprise’s long-standing co-investment partners. By investing in such innovation, we can help Scotland reap the sizeable economic benefits of retaining its world-leading position in tidal, while continuing to drive forward our energy transition.”

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