Early access investors for the securities offering in Orbital Marine Power Ltd have already pushed the company past its £1 million funding target in less than one week. The offering is now live to the public on Crowdcube. According to the offering page, investors are receiving equity at a pre-money valuation of £40 million. So far, 425 investors have purchased shares at £4.25/each.
Orbital is the developer of the world’s “leading floating tidal turbine technology.” Based in Scotland, Orbital is raising equity capital to support the ongoing development of its technology within the rapidly growing global market for low-carbon energy. Orbital says it is expected that over £8 trillion will be invested in new renewable energy projects by 2050.
Orbital CEO Andrew Scott said the level of endorsement and support for the securities offering is inspiring for his company:
“… that our vision as a business for helping to turn the tide on climate change resonates with so many people is really rewarding. I look forward, with pleasure, to bringing onboard our fantastic new shareholders whose commitment will be hugely motivational for the entire team at Orbital.”
The offering will be available for a limited time at the same terms as the private investors. Scott said this is an exciting time for them and by overfunding, they will be able to further ramp-up the commercialization activities and accelerate the deployment of their technology at scale.
Orbital reports that it is nearing completion of its fully funded first commercial 2MW unit, the Orbital O2, which will be installed in the waters off the Orkney Islands early next year, where it will become the world’s most powerful operational tidal turbine, capable of meeting the electricity demand of over 1,700 UK homes every year.
The O2 is the culmination of a development program that saw Orbital achieve the first-ever grid-connected floating tidal turbine in 2011 before going on to deliver its record-breaking 2MW prototype system in 2016.
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