The Bank's investment in Orbital aligns with its mission to support the just transition to net zero and invest in innovative, scalable technology.
Project finance from the Bank will support the continued operations of the O2 tidal energy device - an innovative, Scottish-grown technology which makes use of abundant, predictable tidal flow to generate clean energy.
Currently operating in the waters off Orkney, the O2 is expected to offset around 2,000 tonnes of CO2 per year and power 1,700 homes.
The deployment of the O2 also supports high quality jobs and local supply chains. Future UK projects are forecast to capture over 80% of supply chain content from Scotland.
About Orbital Marine Power
Based in Orkney, Orbital Marine Power is a renewable energy company focussed on the development and global application of its pioneering floating turbine technology.
The O2 floating tidal device is capable of being deployed in multi-unit arrays to provide utility-scale, clean energy with almost zero visual impact.
Mark Munro, Executive Director at Scottish National Investment Bank said:
“The Bank’s investment in Orbital aligns with our mission to support home-grown innovation and the just energy transition. The company’s unique and scalable approach to tidal stream energy has an important role to play in the journey towards net zero, and its focus on a domestic supply chain and strong Orkney heritage also has significant potential to benefit Scotland more broadly.”
Andrew Scott, CEO of Orbital Marine Power, said:
“Completing operational finance for the first O2 is a significant moment for Orbital. Closing this funding demonstrates strong institutional and public support for the company, our proven technology and our pioneering approach to tidal stream power.
“Tidal stream energy has a vital role to play in delivering clean, predictable energy as a complementary part of the broader clean energy transition.”