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This image shows Orbital Marine Power’s 2 megawatt turbine, the Orbital O2.

Scottish engineering firm Orbital Marine Power is to lead a consortium focused on the commercial deployment of floating tidal energy.

In a statement on Monday, the company, which has previously described its 2 megawatt O2 tidal turbine as the “world’s most powerful”, said the 26.7 million euro ($31.5 million) Forward-2030 project would receive a 20.5 million euro grant from the European Union’s Horizon 2020 program.

Although the U.K. officially left the European Union on Jan. 31, 2020, its companies and researchers are still able to access funding from Horizon 2020.

In a statement, Orbital said the project would work on the development of a system combining “floating tidal energy, wind generation, grid export, battery storage and green hydrogen production.” The company will assume the role of both project coordinator and lead technology developer.

Breaking things down, the next iteration of Orbital’s floating tidal turbine will be installed at the European Marine Energy Centre in Orkney, an archipelago located north of mainland Scotland.

There, the turbine will be integrated with battery storage and a hydrogen production facility. The new turbine will sit alongside the already-installed O2, which started grid-connected power generation earlier this year.

Others involved in the project include the University of Edinburgh, which will undertake what Orbital described as a “techno-economic analysis of tidal energy.”

Elsewhere, Engie Laborelec — part of Tractebel, a subsidiary of major French utility Engie — will “assess large scale integration of tidal energy to the European energy system, develop a smart energy management system and an operational forecasting tool.”

Matthijs Soede, who is senior policy officer at the European Commission’s directorate general for research and innovation, said the Forward-2030 project had “the potential to accelerate the commercial deployment of tidal energy, whilst firming up Europe’s position as a leader in tidal energy.”

Monday’s news represents the latest shot in the arm for the U.K.’s marine energy sector. Last week saw another Scottish company, Nova Innovation, announce it would receive £6.4 million ($8.89 million) from the Scottish National Investment Bank.

The investment, Nova said, would be used to fund the manufacture and distribution of its subsea tidal turbines. The money would also be used to fund ongoing marine energy R&D, it said.

While interest in marine-based energy systems appears to be growing, the current footprint of the industry and its technologies remains small.

Figures from Ocean Energy Europe show that only 260 kilowatts of tidal stream capacity was added in Europe last year, while just 200 kW of wave energy was installed.

By contrast, 2020 saw 14.7 gigawatts of wind energy capacity installed in Europe, according to industry body WindEurope.

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Troubling times for Tesla, Nissan, and Dodge – plus some fun yellow stuff!

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Troubling times for Tesla, Nissan, and Dodge – plus some fun yellow stuff!

Tesla’s Q2 results are in, and they are way, way down from Q2 of 2024. At the same time, Nissan seems to be in serious trouble and the first-ever all-electric Dodge muscle car is getting recalled because its dumb engine noises are the wrong kind of dumb engine noises. All this and more on today’s deeply troubled episode of Quick Charge!

We’ve also got an awesome article from Micah Toll about a hitherto unexplored genre of electric lawn equipment, a $440 million mining equipment deal, and a list of incompetent, corrupt, and stupid politicians who voted away their constituents’ futures to line their pockets.

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.

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OpenAI says Robinhood’s tokens aren’t equity in the company

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OpenAI says Robinhood's tokens aren't equity in the company

Jaque Silva | Nurphoto | Getty Images

OpenAI is distancing itself from Robinhood‘s latest crypto push after the trading platform began offering tokenized shares of OpenAI and SpaceX to users in Europe.

“These ‘OpenAI tokens’ are not OpenAI equity,” OpenAI wrote on X. “We did not partner with Robinhood, were not involved in this, and do not endorse it.”

The company said that “any transfer of OpenAI equity requires our approval — we did not approve any transfer,” and warned users to “please be careful.”

Robinhood announced the launch Monday from Cannes, France, as part of a broader product showcase focused on tokenized equities, staking, and a new blockchain infrastructure play. The company’s stock surged above $100 to hit a new all-time high following the news.

“These tokens give retail investors indirect exposure to private markets, opening up access, and are enabled by Robinhood’s ownership stake in a special purpose vehicle,” a Robinhood spokesperson said in response to the OpenAI post.

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Robinhood offered 5 euros worth of OpenAI and SpaceX tokens to eligible EU users who signed up to trade stock tokens by July 7. The assets are issued under the EU’s looser investor restrictions via Robinhood’s crypto platform.

“This is about expanding access,” said Johann Kerbrat, Robinhood’s SVP and GM of crypto. “The goal with tokenization is to let anyone participate in this economy.”

The episode highlights the dynamic between crypto platforms seeking to democratize access to financial products and the companies whose names and equity are being represented on-chain

U.S. users cannot access these tokens due to regulatory restrictions.

Robinhood hits record high as OpenAI, SpaceX go on-chain

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BYD launches new discounts, offering +50% off smart driving tech

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BYD launches new discounts, offering +50% off smart driving tech

Despite the warnings, BYD continues introducing new discounts. On Wednesday, BYD’s luxury off-road brand began offering over 50% Huawei’s smart driving tech.

BYD introduces new discounts on smart driving tech

After BYD cut prices again in May, the China Automobile Manufacturers Association (CAMA) warned that the ultra-low prices are “triggering a new round of price war panic.”

Although they didn’t single out BYD, it was pretty obvious. BYD slashed prices across 22 of its vehicles by up to 34%, triggering several automakers to follow suit in China.

BYD’s cheapest EV, the Seagull, typically starts at about $10,000 (66,800 yuan). After the price cuts, the Seagull is listed at under $8,000 (55,800 yuan).

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It doesn’t look like China’s EV leader plans to slow down anytime soon. Fang Cheng Bao, BYD’s luxury off-road brand, introduced new discounts on Huawei’s smart driving tech on Wednesday.

The limited-time offer cuts the price of Huawei’s Qiankun Intelligent Driving High-end Function Package to just 12,000 yuan ($1,700).

BYD-new-discounts
BYD Fang Cheng Bao 5 SUV testing (Source: Fang Cheng Bao)

Buyers who order the smart driving tech in July will save over 50% compared to its typical price of 32,000 yuan ($4,500).

Earlier this year, Fang Chang Bao launched the Tai 3, its most affordable vehicle, starting at 139,800 yuan ($19,300). The Tai 3 is about the size of the Tesla Model Y, but costs about half as much.

BYD-Tai-3-electric-SUV
BYD Fang Cheng Bao Tai 3 electric SUV (Source: Fang Cheng Bao)

The Tai 3 will spearhead a new sub-brand of electric SUVs following the more premium Bao 8 and Bao 5 hybrid SUVs.

BYD’s luxury off-road brand sold 18,903 vehicles last month, up 50% from May and 605% compared to last year. Fang Cheng Bao has now sold over 10,000 vehicles for three consecutive months.

The Chinese EV giant sold 382,585 vehicles in total in June, an increase of 12% from last year. In the first half of the year, BYD’s cumulative sales reached over 2.1 million, a YOY increase of 33%.

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