24 November, 2021
Orbital Marine Power Ltd
("Orbital or the "company")
Orbital Marine Power welcomes BEIS announcement of tidal stream ring-fence for AR4 CfD round
Orbital, the renewable energy company focused on the development and global application of its pioneering floating turbine technology, has today welcomed the department for business, energy and industrial strategy (BEIS)'s announcement of ring-fenced funding for tidal stream in pot 2 of the upcoming AR4 CfD round.
This decision validates the UK market for tidal stream, while providing a more level playing field for Orbital's unique floating technology to support the global transition to a net-zero future. As one of the most predictable sources of renewable energy, tidal stream generation is a unique proposition in this space, but it had previously been disadvantaged in the UK by the parameters of the AR4 bidding process.
Andrew Scott, Chief Executive Officer at Orbital, said: "We have long called for this sort of ring-fenced funding to develop this important technology and to further build a home-grown industry around it.
"Having this clear, positive signal from UK Government gives us the platform to grow the investment in our pioneering business and unlock the vital investments we need to make in our supply chain and projects to deliver a new commercial renewable sector. This will see sustainable, green jobs created in the UK along with predictable, low carbon electricity generated to help deliver net zero against the backdrop of a global export market."
Ends
About Orbital Marine Power Ltd.
Orbital Marine Power (Orbital) is a visionary, Scotland-based, renewable energy company focused on the development and global application of its pioneering floating turbine technology.
The culmination of over 15 years of refinement has resulted in the world's most powerful and advanced tidal stream turbine, the O2, which has been exporting low carbon electricity to the UK grid since July 2021. The O2 is a 2MW+ product capable of being deployed in multi-unit arrays to provide utility-scale, clean energy with almost zero visual impact.
Orbital's innovative, approach de-risks the commercial extraction of low carbon energy from fast flowing currents by offering low manufacturing and installation costs as well as the ability to carry out inexpensive, quick servicing on all major turbine components through a proprietary structural configuration.
Orbital has an established portfolio of further multi-MW tidal stream projects, focused initially within UK waters, built on a global pipeline of multi-GW opportunities.
More information about Orbital can be found here: www.orbitalmarine.com
The inspiring story of the O2, from concept to power generation, in under two minutes can be viewed here.
Media contacts at Orbital Marine Power:
Sarah Watt, Marketing & Media Manager: [email protected]
Charlotte Street Partners: [email protected]
Tom Gillingham Tel: +44 (0) 7741 659021
Andrew Wilson Tel: +44 (0) 7810 636995
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