Orbital Marine Power Ltd., the developer of the world’s “leading floating tidal turbine technology,” has successfully secured nearly £1.9 million through its equity crowdfunding campaign on Crowdcube. The funding round launched last month and early access investors were able to push Orbital Marine past its £1 million funding target. The company has a pre-money valuation of £40 million.
As previously reported, Orbital is raising funds on Crowdcube to support the ongoing development of its technology within the rapidly growing global market for low-carbon energy. Orbital says it is expected that over £8 trillion will be invested in new renewable energy projects by 2050. Orbital CEO Andrew Scott explained that the level of endorsement and support for the securities offering is inspiring for his company:
“Our vision as a business for helping to turn the tide on climate change resonates with so many people is really rewarding. I look forward, with pleasure, to bringing onboard our fantastic new shareholders whose commitment will be hugely motivational for the entire team at Orbital.”
The company further revealed:
“To tackle climate change, the world’s economies are predicted to invest over £8trillion in new renewable power generation equipment between now and 2050. Unlike other renewables, tides are driven by the orbits of the earth and moon rather than intermittent weather conditions, so tidal power may be predicted years in advance supporting project economics and the growing need for regular electricity supply in power systems around the globe.”
Orbital added it is currently delivering £15 million of funded design projects to refine its award-winning, IP protected low carbon tidal technology in readiness to scale up and play its part in meeting the ever-increasing demand for clean power.
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