Orkney firm to make waves at summit
Orkney-based Orbital Marine Power has been chosen as one of only 12 companies invited to take part in the prestigious Global Investment Summit (GIS) taking place later this month in London.
The event is being hosted by the Prime Minister and supported by members of the Royal Family. It aims to showcase the most innovative green technologies and companies already operating in the UK as well as highlight the country’s pioneering work and commitment to net zero. Working towards delivery of the Prime Minister’s Ten Point Plan for a Green Industrial Revolution, the event will host 200 of the world’s most prominent decision-makers, c-suite executives, and investors.
Orbital–the only scottish firm on the list of 12 – will be exhibiting its tidal turbine technology that can unlock strong tidal currents as a source of predictable, low-carbon energy. The firm recently built and launched what is claimed to be the world’s most powerful tidal turbine, the O2, from the Port of Dundee, with the unit now installed in the waters off Orkney, where it is feeding power into the UK grid. The 74-metre turbine, which harness es more than 15 years of product development, is expected to operate in its current location for the next 15 years.
The floating structure is held on station with a four-point mooring system where each mooring chain has the capacity to lift more than 50 doubledecker buses, and electricity is transferred via cables to the local onshore network.
Additionally, the tidal stream turbine can generate enough power to meet the demand of around 2,000 UK homes and offset approximately 2,200 tonnes of carbon-dioxide production per year.
The business, which was founded in 2002, has 32 staff, and also has a presence in edinburgh, is focused on commercialisingits technology through larger-scale projects containing arrays of turbines, both in the UK and abroad.
Chief executive Andrew Scott said being selected to exhibit at the Summit “is a huge honour for Orbital Marine Power and a unique opportunity for us to showcase our bold vision that can help turn the tide on climate change to some of the most influential investors in the world”.
Minister for investment gerry Grimstone said the forthcoming event “will put UK innovation on the map and demonstrate how we can use investment to nurture technological developments and propel our economy towards a more prosperous, exciting future”.
He added: "Our showcase businesses show why the UK is a global hub for green technology, an diam proud that orbital Marine Power will be presenting their innovative tidal turbine technology to some of the world's most high-profile investors at the summit.
"Our industries of the future like tidal will not only help ensure a cleaner, green er planet –but also create high-value jobs in Scotland and across the UK."
The Ten-point Plan aims to mobilise £12 billion of UK Government investment to create and support up to 250,000 highly skilled green-jobs in the UK, and unlock three times as much private-sector funding by 2030.