Orbital Marine Power Ltd.

Management Reports • Dec 15, 2021

National Storage Mechanism | Additional information

RNS Number : 6685V

Orbital Marine Power Ltd

15 December 2021

15 December 2021

Orbital Marine Power Ltd

("Orbital" or the "company")

Floating tidal stream turbine leader gears up for key UK project site delivery

Orbital, the renewable energy company focused on the development and global deployment of its pioneering floating turbine technology, confirms that it will qualify multiple applications for submission into the UK Government's Allocation Round 4 (AR4) of the Contracts for Difference (CfD) scheme.

Following a series of good news stories for tidal energy commercialisation in 2021, the company now has a credible course to delivering multi-device projects in locations across the UK as early as 2025.

The Perpetuus Tidal Energy Centre (PTEC) will be one of the company's application sites, now that onshore consents for the project have been approved by the Isle of Wight Council Planning Committee.

Orbital was the first company to sign up for deployment at the site which is located to the south of the Isle of Wight, and with offshore consents, onshore consents and grid connection agreement now completed, the project is now primed to secure part of the ringfenced funding set aside in the scheme to support the UK's world-leading tidal technology.

In addition, Orbital is also targeting deployments at the Morlais project being developed in Anglesey, where it is a longstanding berth holder. The project was awarded consents for development from Welsh Government on 10 December.

These applications are underpinned by the positive performance of Orbital's flagship 2MW turbine, the O2, which went into operation in July in the waters off Orkney. The company is also building on the additional momentum delivered by strategic new investment from TechnipFMC, a global leading offshore EPCI contractor to the traditional and new energy industries.

Oliver Wragg, Commercial Director at Orbital, said: "With clear Government backing for tidal stream energy, we are now seeing significant commercial project opportunities come forward with the ability to secure a CfD in AR4 and move into construction. We very much see this as the UK Government firing the starting gun on what will rapidly become a new global renewable energy industry, paving the way for Orbital to provide meaningful volumes of clean and predictable energy to help turn the tide on climate change.

"Successful project applications will result in substantial inward investment in UK supply chain, with creation of hundreds of jobs across the length and breadth of the country. In addition to the manufacture of Orbital turbines, long-term local employment will be created to support the ongoing delivery of these flagship renewable energy projects."

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 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, 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.

Media contacts at Orbital Marine Power:

Sarah Watt, Marketing & Media Manager: [email protected]

Charlotte Street Partners:

[email protected]

Tom Gillingham Tel: +44 (0) 7741 659021

Andrew Wilson Tel: +44 (0) 7810 636995

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