Overview
- Orbital secured £7 million (about €8 million) to advance international commercial tidal stream projects.
- PXN Ventures, the combined VC arm of Praetura Ventures and Par Equity, invested alongside existing shareholder Scottish Enterprise.
- The investment follows new tidal energy licences awarded in Nova Scotia to Orbital and partner Eauclaire Tidal through the province’s 2025 procurement.
- Orbital holds UK Contracts for Difference for six turbines totaling 14.4 MW at EMEC in Orkney and says it will double its turbine orderbook.
- The EMEC expansion, alongside the existing 2+ MW O2 unit, is described as sufficient to power about 18,000 homes while retaining roughly 70% of a £200 million supply chain spend in the UK.