Weekly renewables M&A round-up (May 16-20)
May 20, 2022 17:01 CESTTechnipFMC, Orbital team up on floating tidal energy
Orbital O2. Image by Orbital Marine Power Ltd.
November 22 (Renewables Now) - French-American oil and gas company TechnipFMC (NYSE: FTI) has inked a memorandum of understanding (MoU) to partner with
Scottish engineering firm Orbital Marine Power Ltd on the commercialisation of Orbital's tidal energy technology
TechnipFMC plans to use its integrated approach, industrialisation capabilities and project management expertise to scale up Orbital's technology, according to last week's statement.
The two companies will collaborate to commercialise Orbital's technology around the world and develop the first floating tidal field of commercial scale. The MoU also includes a strategic investment in Orbital by TechnipFMC.
Orbital's 2-MW O2 floating device, located at the European Marine Energy Centre (EMEC) in Orkney, began producing power in July.
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