A green energy company says it has reached a major milestone after securing £8 million of funding for its tidal turbine device.

Orbital Marine Power has secured £4 million from the Scottish National Investment Bank and a further £4 million of finance from individuals, who are providing cash via an investment platform.

The Orkney based firm plans to service these debts from money raised via the long-term sale of electricity generated by its O2 tidal turbine device.

Mark Munro, executive director at the Scottish National Investment Bank, said: "The bank's investment in Orbital aligns with our mission to support homegrown innovation and the just energy transition.

"The company's unique and scalable approach to tidal stream energy has an important role to play in the journey towards net zero, and its focus on a domestic supply chain and strong Orkney heritage also has significant potential to benefit Scotland more broadly."

Meanwhile, Bruce Davis, joint managing director of Abundance Investment, which is contributing the other £4 million, said: "Our investors are proud to have mobilised their money to support Orbital Marine Power in their quest to make tidal stream energy a key pillar of the UK energy sustainability and security.

"From its origins as a world-beating, record crowdfunding investment we look forward to helping to finance a future world-beating industry."


Law firm unveils leap in profits

SCOTTISH law firm Brodies increased operating profits to £46.1 million in the year to April from £39m in the prior 12 months.

Brodies hailed a twelfth consecutive year of growth as it unveiled a 19.5% rise in revenues to £98.5m for the 12 months to April 30, and highlighted growth in its workforce to 771.


Charitable efforts of retailers a constant in turbulent times

ONE of the great myths of getting older is that next year will be quieter.

The last four years have seen retail weather the Beast from the East, the peregrinations of the on-off Brexit deal, and the upheaval of a global pandemic and resulting supply-chain headaches as the global economy emerges from Covid.


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Scottish marine power pioneer secures £8m backing