Tidal power firm Scotrenewables changes name, raising GBP 7m

Scotrenewables Tidal Power Ltd has changed its name as it starts the build of its next generation floating tidal stream turbine, a move for which the company seeks to raise up to GBP 7 million (USD 9.3m/EUR 8m).

The Scottish marine energy-focused engineering firm announced that it is rebranding to Orbital Marine Power Ltd, a name inspired by the orbital cycle of the moon around the earth, it said. The new name will be reflected in the company’s next generation 2-MW commercial turbine -- the Orbital O2, which was previously referred to as the SR2 2000.

Orbital Marine Power is looking to raise up to GBP 7 million on peer-to-peer finance platform Abundance Investment to fund the construction of the Orbital O2. It is offering 30 month secured debentures, paying annual interest of 12%. The offer has just been launched and it has already raised over GBP 130,000.

The company was founded in 2002 and has been testing its technology over the past 15 years. Its SR2000 device managed to produce over 3 GWh of power during a single year of operations at the European Marine Energy Centre (EMEC) in Orkney, Scotland. This is more than what was produced by the entire wave and tidal energy sectors in Scotland in the 12 years before the launch of the SR2000 in 2016, Orbital Marine Power said.

The new turbine will be designed for a global roll-out and will benefit from 5 Renewables Obligation Certificates (ROCs) for all power it generates.

(GBP 1.0 = USD 1.321/EUR 1.140)

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