It’s clear that Brexit could lead to the loss of development funding in several areas, but tidal energy research seems particularly vulnerable at this early stage. See this for more detail:
So, this news is especially encouraging:
Peer-to-peer ethical investment company Abundance has closed its largest fundraising to date with £7 million for Scottish tidal energy company Orbital Marine Power, based in Orkney. Orbital Marine Power, formerly Scotrenewables Tidal Power, will use the funds raised to build its first production model Orbital O2 2MW turbine. The project has secured a number of supporting grants as well as equity funding, including from the Scottish Government. The Abundance offer of 2.5-year debentures with an annual return of 12% attracted 2,278 individual investors, with over half investing via an Innovative Finance ISA for a tax-free return. The average investment was approximately £3,000, with the project attracting particularly strong interest from investors in Scotland who put in 50% more on average, at £4,500.’
The notion of 2 278 investors, many presumably quite small-scale, seems quite heart-warming. Am I starting to find this face in capitalism attractive?