Orbital Marine Power (Orbital) has established a strategic partnership with TechnipFMC (NYSE: FTI) (PARIS: FTI) to accelerate the global commercialisation of Orbital’s pioneering tidal energy technology. TechnipFMC will also become a shareholder in Orbital.
Scotland-based Orbital has developed innovative floating tidal technology capable of cost-effectively harnessing predictable, clean energy from flowing currents. The company recently completed the construction and installation of the world’s most powerful tidal stream turbine, the O2, in the waters off the Orkney Islands, Scotland. It has been exporting low carbon electricity to the UK grid since July 2021.
TechnipFMC is a leading technology provider to the traditional and new energy industries with a proven track record of successfully delivering large-scale, fully integrated offshore energy projects to customers around the world.
The companies will now work together to accelerate the market scale-up and deployment of Orbital enabling technology in tidal energy projects. As a growing renewable business, Orbital is uniquely placed to unlock an entirely new part of the floating offshore energy sector, complimenting global net zero transition targets. Its proven low-cost construction and maintenance model and rapid installation processes will be key to that growth.
Andrew Scott, Chief Executive Officer at Orbital, said: “This TechnipFMC partnership is a game changer for Orbital and the wider sector. Representing a significant milestone in growing the long-term value of the company, it validates our approach and proven track record of delivery.
“Working with this leading offshore energy sector integrator will accelerate global adoption of our innovative technology and support the commercial roll out of our unique vision for tidal energy.”
Luana Duffe, Executive Vice President, New Energy Ventures at TechnipFMC, commented: “We are very excited to collaborate with Orbital in the tidal energy market. With their technical expertise and differentiated turbine technology and our integrated operating model, we will be able to scale-up our combined offering to deliver more renewable energy to the market.”