Earlier this week, a tidal turbine went online generating sufficient power to provide enough electricity for 2000 homes. Towed and anchored off the coast of Scotland, the Orbital O2 is predicted to operate for around 15 years. The project came to fruition with the assistance of the green investment crowdfunding platform Abundance.
— Orbital Marine Power (@Orbitalmarine) July 21, 2021
According to a blog post, the Orbital Marine Power’s O2 is the world’s most powerful tidal turbine and is now sending electricity to the European Marine Energy Centre (EMEC) in Orkney. The O2 is Orbital’s first commercial turbine that can generate sustainable green energy, an effort that took 15 years to develop.
Andrew Scott, Orbital CEO, issued the following statement:
“This is a major milestone for the O2 and I would like to commend the whole team at Orbital and our supply chain for delivering this pioneering renewable energy project safely and successfully. Our vision is that this project is the trigger to the harnessing of tidal stream resources around the world to play a role in tackling climate change whilst creating a new, low-carbon industrial sector.”
The Scottish Government supported the marine energy project providing £3.4 million in development capital.
The Abundance funding came via £7 million raised from smaller investors said to be the largest funding round ever on the platform. Reportedly, around 2,278 individual investors invested an average of £3,000, with many holding the investment in their ISA.
The offer was for 2.5-year term debentures with an annual return of 12%. The project generated strong interest from investors in Scotland.
At the time of the funding, Abundance founder and MD Bruce Davis stated:
“2019 promises to be the best year yet for the environmental and social investment sector, and it feels significant that our largest investment to date reached its £7 million target on New Year’s Day. The UK can rightly claim to be a world leader in tidal generation technology and our customers have backed it enthusiastically.”
Now, Orbital is looking to commercialize its services further. No word if future projects will be funded in part by Abundance.
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