TechnipFMC has become a shareholder in the Scottish-based floating tidal turbine technology firm Orbital Marine Power. The investment and partnership aim to accelerate the commercialisation of Orbital’s technology and deliver the first commercial scale floating tidal field.
Orbital has developed the world’s most powerful tidal turbine to date, with the capacity to meet the annual electricity demand of around 2,000 UK homes. The 2 MW unit was launched in April this year and has been exporting electricity to the UK grid since July. The 74 m long turbine, named O2, will provide power to the European Marine Energy Centre (EMEC)’s onshore electrolyser to generate green hydrogen.
“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,” said Andrew Scott, CEO at Orbital.
TechnipFMC added that when combined with its integrated approach, industrialisation capabilities and project management expertise, Orbital’s technology can be scaled-up to meet the increasing demand for renewable energy and significantly lower the cost of delivering tidal energy.
The terms of the transaction are confidential at this stage. Orbital spokesperson told Splash that TechnipFMC made a significant investment, however, there has been no change of control at the company. TechnipFMC has also been approached for comment.
