Scotrenewables Tidal Power is changing its name to Orbital Marine Power as it aims to raise £7m ($9.2) through peer-to-peer platform Abundance Investment. The money will be used to build a commercial 2 MW tidal turbine, previously called SR2 2000, which will be renamed Orbital O2. The device generated 3 GWh of electricity off Scotland's Orkney Islands during 2002 of testing at the European Marine Energy Centre. Orbital Marine Power will now redesign it for global commercial deployment.
Scotrenewables Tidal Power is changing its name to Orbital Marine Power as it aims to raise £7m ($9.2) through peer-to-peer platform Abundance Investment. The money will be used to build a commercial 2 MW tidal turbine, previously called SR2 2000, which will be renamed Orbital O2. The device generated 3 GWh of electricity off Scotland's Orkney Islands during a year of testing at the European Marine Energy Centre. Orbital Marine Power will now redesign it for global commercial deployment.