Orbital Marine Power, a leader in tidal energy, has secured a £7 million investment to scale its commercial tidal-stream projects and expand internationally. The funding round, led by PXN Ventures and supported by existing shareholders including Scottish Enterprise, will advance Orbital’s pipeline of international commercial projects while contributing to wider energy decarbonization. This strategic capital injection follows the company’s recent success in securing significant new tidal energy licenses in Nova Scotia, Canada, awarded through the province’s 2025 procurement process in partnership with Eauclaire Tidal Ltd.
A Strategic Partnership for Growth
The investment round welcomes PXN Ventures, the venture capital arm of PXN Group, formed through the combination of Praetura Ventures and Par Equity, as a key new partner. This collaboration reflects a shared vision to establish tidal stream energy as a critical component of the future energy mix. PXN Ventures joins long-standing backers, including Scottish Enterprise, who have been instrumental in Orbital’s development and success to date.
Expanding Global and Domestic Footprints
A major catalyst for this investment was a strong vote of confidence from Canada, where the Province of Nova Scotia recently awarded Orbital and Eauclaire Tidal new tidal energy licenses. This expansion into the Nova Scotia market is a crucial step in Orbital’s international growth strategy and underscores growing global recognition of tidal power as a reliable and predictable source of clean electricity.
Domestically, Orbital is set to double its turbine orderbook, having secured UK government Contracts for Difference for 14.4MW of new capacity. These six additional turbines will be installed at the European Marine Energy Centre site off the Orkney Islands, where they will join Orbital’s existing O2 turbines. Together, the installations will be capable of providing enough predictable clean power to meet the annual electricity needs of around 18,000 homes.
Bolstering the UK’s Green Economy
The company’s project pipeline represents a significant industrial opportunity for the UK, with an estimated £200 million of equipment to be deployed. Orbital is committed to sourcing around 70 percent of its supply chain domestically, supporting the creation of high-quality, sustainable jobs and contributing to a just transition to low-carbon energy.
This focus on domestic manufacturing aims to help establish the UK, and Scotland in particular, as a global center of excellence in tidal energy technology, complementing the country’s leading position in offshore wind. By building a strong industrial base at home, Orbital seeks to underpin a secure and competitive market for renewable energy both domestically and internationally.
Investor Confidence and Future Outlook
Investor confidence in Orbital’s technology and strategy remains strong. Alastair Moore, Investment Director at PXN Ventures, highlighted the company’s role in positioning tidal stream energy as a meaningful part of the future energy mix and its potential to provide predictable base-load power. Derek Shaw, Director of Entrepreneurship and Investment at Scottish Enterprise, emphasized tidal energy as one of Scotland’s most exciting opportunities, praising Orbital’s world-leading technology and its contribution to Scotland’s energy transition and economic growth.
Orbital’s CEO, Andrew Scott, welcomed PXN Ventures as a new investor, noting that the firm shares the company’s vision for a clean energy future. He also expressed appreciation for the continued support and investment from Scottish Enterprise, which has been crucial in enabling this new partnership. In combination with the equity investment, Highlands and Islands Enterprise has provided non-dilutive funding to strengthen local supply chain capabilities in Scotland.
This £7 million investment marks a pivotal moment for Orbital Marine Power, reinforcing confidence in its advanced floating tidal turbine technology and commercial roadmap. With strengthened financial backing, growing international recognition, and a robust project pipeline, the company is well positioned to accelerate the global adoption of tidal energy and solidify its place as a key player in the transition to a decarbonized energy system.