Orbital Marine Power has secured strategic investment from TechnipFMC to support the commercialisation of its tidal energy technology.
TechnipFMC will also become a shareholder in Orbital.
Scotland-based Orbital recently completed the construction and installation of the world’s most powerful tidal stream turbine, the O2, in the waters off the Orkney Islands, Scotland.
It has been exporting low carbon electricity to the UK grid since July 2021.
TechnipFMC will work with Orbital to “accelerate the market scale-up and deployment” of Orbital’s technology in tidal energy projects.
Orbital CEO Andrew Scott said: “This TechnipFMC partnership is a game changer for Orbital and the wider sector. Representing a significant milestone in growing the long-term value of the company, it validates our approach and proven track record of delivery.
“Working with this leading offshore energy sector integrator will accelerate global adoption of our innovative technology and support the commercial roll out of our unique vision for tidal energy.”
Luana Duffe, executive vice president of new energy ventures at TechnipFMC, added: “We are very excited to collaborate with Orbital in the tidal energy market.
“With their technical expertise and differentiated turbine technology and our integrated operating model, we will be able to scale-up our combined offering to deliver more renewable energy to the market.”