The Scotland-based maker of the leading floating tidal turbine technology, ORBITAL Marine Power, raised £ 1 million in a week.
Orbital is nearing completion of the first fully supported commercial 2 MW turbine, the Orbital O2, set to be installed in waters off Orkney early next year, where it is believed to be “the most powerful tidal turbine in the world.”
In less than a week, Orbital group members who got early access to the company’s crowdfunding campaign powered it over its £ 1 million goal.
As regulators back off on pricing, energy giants remain questionable
“Andrew Scott, CEO of Orbital, said, “For us, this level of approval and support is inspiring. It is deeply satisfying that our vision as an organization to help turn the tide on climate change resonates with so many people.
I look forward to having our wonderful new shareholders on board, whose dedication is going to be a huge motivator for the entire Orbital team.
“This is a very exciting time for us and the overfunding will enable us to continue to drive our commercialization activities and accelerate the deployment of our technology at scale – a goal that can’t come soon enough in the fight against climate change.”