Scottish tidal energy company Orbital Marine Power has closed £7m funding through the peer-to-peer ethical investment company Abundance.
Orbital Marine Power, formerly known as Scotrenewables Tidal Power, will use the funds to build the first production model of its 2MW Orbital O2 floating tidal turbine platform for deployment at the European Marine Energy Centre in Orkney.
O2 will comprise a 73-metre-long floating superstructure, supporting two 1MW turbines on either side.
The project has already secured a number of supporting grants and equity funding, including from the Scottish Government.
The Abundance offer of two-and-a-half-year debentures with an annual return of 12% attracted 2278 individual investors, with over half investing via an Innovative Finance ISA for a tax-free return.
The average investment was approximately £3000, with the project attracting particularly strong interest from investors in Scotland who put in 50% more, on average, at £4500.
Orbital Marine Power chief executive Andrew Scott 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.”
Abundance co-founder and joint managing director Bruce Davis said: “2019 promises to be the best year yet for the environmental and social investment sector, and it feels significant that our largest investment to date reached its £7m target on New Year’s Day.
“The UK can rightly claim to be a world leader in tidal generation technology and our customers have backed it enthusiastically.”