Tidal energy pioneer Orbital Marine Power smashed through its current crowdfunding target raising more than £1.9m, or 190% of the £1m target in its current fund raising.
With nine days still left on the crowdfunding campaign on Crowdcube, 1,976 had joined the Edinburgh-headquartered company's crowdfunding in what amounts to 4.55% of the equity of the business.
In March the company booked a second berth at the European Marine Energy Centre (EMEC) on Orkney so it can test its next device.
Orbital is building its first commercial floating turbine, which is due to be installed shortly and is expected to start operating early this year.
Orbital pointed out in its fundraising that more than £100bn had been invested in renewable energy projects in the first half of 2020
It said: “Aiming to deliver endless, predictable low carbon power, Orbital technology could help turn the tide on climate change.”
Orbital's first machine is the most powerful tidal turbine in the world and will be capable of supplying the electricity needs of 1,700 homes.
The company raised £7m through a previous crowdfunding campaign to finance its first commercial turbines and also received a £3.4m grant from the Scottish Government’s Saltire Tidal Energy Challenge Fund.
