The UK’s leading peer-to-peer ethical investment company Abundance has closed its largest fund raise to date, raising £7 million for innovative Scottish tidal energy company Orbital Marine Power (Orkney).
Orbital Marine Power (formerly Scotrenewables Tidal Power) will use the funds raised to build its first production model Orbital O2 2MW turbine, an innovative floating tidal turbine platform that can be towed, installed and easily maintained. The project already has secured a number of supporting grants as well as equity funding, including from the Scottish Government.
The Abundance offer of 2.5-year debentures with an annual return of 12% attracted 2,278 individual investors, with over half investing via an Innovative Finance ISA for a tax-free return. The average investment was approximately £3,000, with the project attracting particularly strong interest from investors in Scotland who put in 50% more on average, at £4,500.
Andrew Scott, CEO, Orbital Marine Power, said: “We are delighted with this funding result; it’s a terrific endorsement of our technology and a clear signal that the UK public is hugely supportive of seeing tidal energy brought into the domestic and global energy mixes. The whole team at Orbital Marine are excited to be moving forwards with this flagship project and deliver the first O2 unit for costs similar to offshore wind and so provide the basis for a new and sustainable industry. This a journey we are now honoured to be taking with thousands of new investors, thanks to Abundance.”
