Orbital Marine Power Ltd.

Board/Management Information • Sep 8, 2023

National Storage Mechanism | Additional information

RNS Number : 8538L

Orbital Marine Power Ltd

08 September 2023

08 September 2023

Orbital Marine Power Ltd

("Orbital" or the "company")

Orbital Marine Power awarded two further CfDs as part of UK Government renewable energy auction

Orbital Marine Power Ltd, the renewable energy company focused on the deployment of its pioneering floating tidal turbine, has been awarded two Contracts for Difference (CfDs) for 7.2MW in the UK Allocation Round 5 (AR5) process. This builds on Orbital's success in the previous year's Allocation Round 4, where it secured contracts for 7.2MW of capacity.  

The CfDs will allow Orbital to expand its development of projects in Orkney with the construction of 6 turbines now covered by the Contracts for Difference scheme.

Capable of delivering a total of 7.2MW of predictable clean energy to the grid, these additional turbines will be able to power to up to 9,000 homes, supporting the UK's security of supply, energy transition and broader climate change objectives.

This positive outcome also means Orbital can make a significant investment in the UK supply chain as it sets about establishing series production of its innovative technology. Orbital's ability to manufacture with an excess of 75% UK supply content shows the UK has significant capability and the expertise to create a supply chain that now has a clearer route to accelerating industrialisation and scale through volume production.

Andrew Scott, CEO of Orbital Marine Power, said: "This latest award creates more clarity for us and our supply chain about our immediate ambitions, allowing us to build on our progress to date. Securing these latest CfDs is another key step on a path that ends with clean predictable power being delivered to thousands of UK households and businesses, alongside building factories of the future and creating sustainable, green jobs at a ratio that hasn't been achieved in the renewable space before.

"We maintain our commitment to establishing a valuable supply chain within the UK. Maximising the benefits and rewards from this endeavour will take leadership and long-term commitment from the UK Government."

ENDS

About Orbital Marine Power Ltd.

Orbital Marine Power (Orbital) is a visionary, Scotland-based, renewable energy company focused on the development and global application of its pioneering floating turbine stream technology.

The culmination of over 15 years of refinement has resulted in the world's most powerful and advanced tidal stream turbine, the O2, which has been exporting low carbon electricity to the UK grid since July 2021. The O2 is a 2MW+ product capable of being deployed in multi-unit arrays to provide utility-scale, clean energy with almost zero visual impact.

Orbital's innovative approach de-risks the commercial extraction of low carbon energy from fast flowing currents by offering low manufacturing and installation costs. As well as the ability to carry out inexpensive and quick servicing on all major turbine components through a proprietary structural configuration.

Orbital has an established portfolio of further multi-MW tidal stream projects, focused initially within UK waters, built on a global pipeline of multi-GW opportunities.

More information about Orbital can be found here: www.orbitalmarine.com

The inspiring story of the O2, from concept to power generation, in under two minutes can be viewed here.

About the O2

·    The O2 is the world's most powerful tidal turbine, able to generate 2MW+

·    It was launched in 2021, as the first vessel to be launched from a Dundee yard in 40 years

·    Its estimated CAPEX expenditure in the UK supply chain is around 80%, with around 60 full time equivalent roles created through build

·    The O2 has been operational since July 2021 and exporting electricity to Orkney grid is expected to offset around 2,000 tonnes of CO2 per year, and power 1,700 UK homes while creating high value jobs within the local economy over the course of its operational life

·    Orbital's floating technology captures the strongest tidal and river currents, guaranteeing higher yield. These exist close to the surface, rather than at the seabed.

Media contacts at Orbital Marine Power:

India Armstrong, Marketing and Media Officer: [email protected] [email protected]/ 01856 851 641

Tom Gillingham, Charlotte Street Partners: [email protected] / 07741 659 021

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