According to Orbital Marine Power, its 2-megawatt O2 weighs 680 metric tons and has a 74-meter hull structure. The company describes the O2, which uses 10-meter blades and started grid-connected power generation last year, as "the world's most powerful tidal turbine."

Mark Munro, executive director at the SNIB, said its investment in Orbital aligned with its "mission to support home-grown 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," Munro added.