Orbital Marine Power concludes GBP-7m fundraising campaign

Orbital Marine O2 tidal unit. Source: Orbital Marine Power Ltd

January 16 (Renewables Now) - Scottish tidal energy company Orbital Marine Power Ltd has concluded its fundraising campaign on peer-to-peer finance platform Abundance Investment, securing GBP 7 million (USD 9m/EUR 7.9m).

Orbital Marine Power, previously known as Scotrenewables Tidal Power, plans to use the proceeds from the fundraiser to build the first production model of its 2-MW Orbital O2 floating tidal stream turbine over the next 12 months.

The plan is to deploy the device at the European Marine Energy Centre (EMEC) in Orkney, Scotland, in 2020.

As per the Abundance campaign, it was concluded on January 1. Orbital Marine Power offered 2.5-year debentures with an annual return of 12%, attracting 2,278 individual investors who spend about GBP 3,000 on average.

(GBP 1.0 = USD 1.287/EUR 1.128)

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