PXN Ventures, the fastest-growing venture-focused investment firm outside London and the South East, has joined existing shareholders to support
Orbital Marine Power Ltd’s commercial tidal-stream projects. The move follows the award of new tidal energy licences in Canada.
Orbital Marine, the Scotland-based operator of the world’s most powerful tidal turbine, has secured a multi-million-pound investment boost to advance its international commercial projects and contribute to the wider decarbonisation of energy.
PXN Ventures — the combined VC arm of Praetura Ventures and Par Equity — joined existing shareholders including
Scottish Enterprise to invest in Orbital Marine, which uses floating tidal turbines to generate clean, reliable electricity from tidal currents. The investment comes after the Province of Nova Scotia awarded Orbital and Eauclaire Tidal Ltd significant new tidal energy licences through its 2025 procurement process.
Orbital harnesses tidal energy along the UK coast, from Orkney to the Isle of Wight, sourcing materials and manufacturing domestically. Its technology is engineered to withstand the harshest conditions, delivering predictable power from tidal streams and ocean currents regardless of weather.
Andrew Scott, CEO of Orbital Marine Power, said: “We are delighted to see Orbital Marine Power embark on its latest chapter of growth. We warmly welcome PXN Ventures as our new investor, an organisation who shares our vision and passion for Orbital’s role as a clean energy leader. We are excited to advance the delivery of commercial tidal stream projects while driving a meaningful transition to a more sustainable future. We also greatly value the continued support and investment from Scottish Enterprise in this round, which has been instrumental in enabling this partnership to happen.”
Double its turbine order bookOrbital plans to double its turbine order book, having already secured Contracts for Difference (CfDs) for 14.4MW — six turbines — at the European Marine Energy Centre (EMEC) site. These will join Orbital’s existing O2 turbines off Orkney, together capable of powering 18,000 homes with predictable clean energy that meets low-carbon power demands 24/7.
The project pipeline represents a major industrial opportunity for the UK, with Orbital Power committed to building an estimated £200 million of equipment, around 70% of which will come from the UK supply chain. This will create high-quality, sustainable jobs and support a just transition while growing domestic and international markets for secure renewable energy.
Alastair Moore, investment director at PXN Ventures, said: “It is an incredibly exciting time to be joining Orbital Marine as an incoming investor. The business is paving the way for tidal-stream energy to form part of the energy mix and is another fantastic example of the world-leading innovation coming out of Scotland. As electricity demand increases, Orbital has an important role to play in providing base load energy to grids at home and abroad, and we are delighted to push the company closer to delivering this.”
Derek Shaw, director of entrepreneurship and investment at Scottish Enterprise, commented: “Tidal energy is one of Scotland’s most exciting opportunities, and Orbital Marine Power is driving the sector forward with world-leading technology. We are proud to back the business with further investment and are delighted to welcome new investment from PXN Ventures, one of Scottish Enterprise’s long-standing co-investment partners. By investing in such innovation, we can help Scotland reap the sizeable economic benefits of retaining its world-leading position in tidal, while continuing to drive forward our energy transition.”