Orkney-based Scotrenewables Tidal Power Ltd, a world leader in the development of floating tidal-stream and run-of-river turbines, has been rebranded as Orbital Marine Power Ltd.

The company says the new name is inspired by the orbital cycle of the moon around the earth, which provides tidal energy.

CEO Andrew Scott said: “We are really pleased to introduce our new brand identity, and to do so at such an exciting time for the business, as we begin the build of our next-generation turbine — the Orbital O2 2MW (previously referred to as the SR2 2000).”

The rebranding exercise has included social-media profiles and a renamed Web site (www.orbitalmarine.com).

Meanwhile, the company has launched a crowd-funding initiative (with London-based investment company Abundance)
to raise up to £7 million.

It plans to build the Orbital O2 turbine next year for installation at the European Marine Energy Centre in Orkney.

Alongside the money to be raised from Abundance investors, the project already has £9 million in grants and equity funding. The new tidal turbine will also benefit from five Renewables Obligation Certificates.

Mr Scott said: “We want the Orbital O2 2MW to be the springboard for a new sustainable industry built around floating tidal turbines — an industry that comes from an idea conceived in Orkney, engineered in Scotland and delivered across a UK supply chain, with the ability to change the world in a better way.”