Peer-to-peer investment to build world’s most powerful floating tidal stream turbine launched by Abundance

Leading ethical peer-to-peer finance platform Abundance Investment has just launched a unique opportunity for ordinary people to invest directly in the latest tidal power technology through Orbital Marine Power (Orkney), a 30-month secured debenture paying annual interest of 12%.

Orbital Marine Power (formerly Scotrenewables Tidal Power) is raising up to £7 million to build its first production model Orbital O2 2MW turbine, an innovative floating tidal turbine platform that can be towed, installed and maintained using small, local vessels. Alongside the money to be raised from Abundance investors, the project already has £9 million in grants and equity funding, including from the Scottish Government.

Over the past 15 years, the company has tested its technology at a range of scales. Its most recent full scale SR2000 2MW prototype tested at the European Marine Energy Centre, Orkney produced over 3 GWh of electricity in its first year of continuous generation. That is more power than generated by the entire wave and tidal energy sectors in Scotland in the twelve years prior to the launch of the SR2000 in 2016. The Orbital O2 2MW will be a bigger, refined, more powerful commercial demonstrator model designed for global rollout.

Andrew Scott, CEO, Orbital Marine Power, said: “We want the Orbital O2 2MW to be the springboard for a new, sustainable industry built around floating tidal – one that comes from an idea conceived in Orkney, engineered in Scotland and delivered across a UK supply chain, with the ability to change the world in a better way.”

Orbital Marine Power was founded as Scotrenewables in 2002 to find an efficient way of harnessing tidal energy, which has the advantage of being both abundant and predictable. Its innovative design for a floating turbine allows it to generate renewable energy from naturally occurring tidal currents without the need for barrages or dams. The use of a floating turbine simplifies installation and maintenance as risky underwater operations can be avoided. This keeps costs and downtime low, while floating systems can be deployed over a wide range of tidal sites.

Bruce Davis, co-founder and joint Managing Director, Abundance, said: “The recent IPCC report has highlighted the acute importance of bringing innovative and commercial new sources of renewable energy onstream quickly. This is a chance for our customers to back one of the newest and most exciting renewable energy technologies and prove it can work on a commercial basis. The UK is a growing global centre for tidal energy expertise, and as costs continue to fall, tidal power can make a significant contribution to energy generation portfolios around the world.”

According to RenewableUK, the UK has half of Europe’s tidal stream potential. A recent study (April 2018) into the economic benefits of tidal energy finds that the tidal stream industry could generate a net cumulative benefit to the UK of £1.4 billion by 2030, supporting almost 4000 jobs by 2030 and 14,500 jobs by 2040. Over half the economic benefit would be generated in coastal areas, many of which need economic regeneration.

This is Abundance’s third offer for tidal energy, with two previous debentures having raised almost £5 million apiece. At £7 million it is also Abundance’s largest offer so far. The Debenture is offering 12% interest per year for a period of 30 months, with a first ranking security package in place for debenture holders. Interest is paid at maturity along with the capital invested. Like all Abundance offers, investment in Orbital Marine Power (Orkney) starts from only £5 and the debentures are eligible to be held tax-free in an Innovative Finance ISA.

To download the offer document and invest, please visit www.abundanceinvestment.com.