Orbital Marine Power, operator of the world’s most powerfultidal turbine, secures £7m investment

Orbital Marine Power Ltd (‘Orbital’), the Scotland-based operator of the
world’s most powerful tidal turbine, has secured a multi-million pound investment 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, a company that uses floating
tidal turbines to generate clean, reliable electricity from tidal currents.

The investment follows a major vote of confidence from Canada, where the Province of Nova
Scotia recently awarded Orbital and Eauclaire Tidal Ltd significant new tidal energy licenses
through the province’s 2025 procurement process.

Orbital harnesses tidal energy along the UK coast, from Orkney to the Isle of Wight, sourcing its
materials and manufacturing domestically. The technology is the most advanced of its kind,
engineered to withstand and operate in the harshest of conditions, promising to supply
predictable power from the world’s tidal streams and ocean currents, regardless of the
weather.

Speaking on the investment, Andrew Scott, CEO of Orbital Marine Power, said: “We are
delighted to see Orbital Marine Power embark on its newest 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’re excited to advance the delivery of
commercial tidal stream projects whilst 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”

Orbital is set to double its turbine orderbook, already having secured CfDs - power contracts
with the UK government - for a total of 14.4MW (six turbines) at the European Marine Energy
Centre (EMEC) site. These will join Orbital’s existing O2 turbines in the waters off the Orkney
Islands, together capable of powering 18,000 homes with uniquely predictable clean power that
can meet low carbon power demands 24/7.

The project pipeline offers a unique industrial opportunity for the UK, delivering significant
economic value and long-term growth. Orbital is committed to building the estimated £200
million of equipment, with around 70% of the supply chain in the UK. This will create
high-quality, sustainable jobs throughout the project’s lifecycle, supporting a just transition and
growing the domestic and international market for secure, renewable energy.

With its already strong base, particularly in Scotland, the UK is now well-placed to become a
global centre of excellence in tidal energy, complementing its position in offshore wind.

Alastair Moore, Investment Director at PXN Ventures, said: “It is an incredibly exciting
time to be joining Orbital Marine Power 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’re delighted to push them closer to delivering this.”

Derek Shaw, Director of Entrepreneurship and Investment at Scottish Enterprise, said: “Tidal
energy is one of Scotland’s most exciting opportunities, and Orbital Marine Power is driving the
sector forward with world-leading technology. We’re 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.”

ENDS

Notes to editors
In combination with the multi-million pound equity investment, Highlands and Islands Enterprise
has provided non-dilutive funding to support Orbital in developing and demonstrating local
supply chain capabilities in Scotland to support the company’s commercial plans.
About Orbital Marine Power Ltd.

Orbital is a visionary Scottish renewable energy company focused on the global application of
its pioneering floating turbine technology that can supply predictable power from tidal streams
and ocean currents, every day, regardless of the weather. Orbital’s innovative approach lowers
manufacturing and installation costs while allowing fast, cost-effective maintenance of all major
turbine components. The company's O2, the world’s most powerful and advanced tidal turbine,
commenced power generation in July, 2021 in Orkney. The O2 is a 2MW+ product capable of
providing utility-scale, clean energy whilst supporting a just transition through the creation of
sustainable, quality jobs throughout the project lifecycle.

The company has an established portfolio of tidal stream projects supported by a growing
global pipeline of multi-gigawatt opportunities.

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

Media contact at Orbital Marine Power:
Sarah Clark, Marketing and Media Manager: s.clark@orbitalmarine.com

About Scottish Enterprise
Scottish Enterprise (SE) is Scotland’s national economic development agency and a
non-departmental public body of the Scottish Government. It supports businesses to innovate
and scale to transform the Scottish economy by focusing on new market opportunities through
targeted investment, innovation and internationalisation. Follow us on LinkedIn.

About PXN Ventures
PXN Ventures is the venture capital arm of PXN Group, formed as a result of two of the North’s
best fund managers (Praetura Ventures and Par Equity) coming together to create an investor
that the region deserves. With offices in Manchester, Edinburgh, Leeds and London, we deliver
world-class investment programmes at scale to help build the Northern economy, supporting
founders across a diverse range of sectors, including deep tech, life sciences and software.

PXN Ventures is committed to backing early-stage founders across the North of the UK, with a
long and growing list of northern success stories in our portfolio that have received early
backing from PXN, including Modern Milkman, Phlo, AccessPay, Street Group and Advanced
Electric Machines. As well as its EIS, VCT and institutional funds, including the GMC Life
Sciences Fund II, PXN Ventures is the North West fund manager for the Northern Powerhouse
Investment Fund II, which is managed on behalf of the British Business Bank.

Media contacts at PXN Group:
pxngroup@wordsandpixels.co / 07531525392