Nova Innovation and SABELLA join forces to develop tidal energy projects in France and UK
Nova Innovation and SABELLA are pleased to announce a Memorandum of Understanding (MoU) between the two leading tidal energy technology companies.
The collaboration will accelerate development of tidal energy sites for both companies, combining expertise to drive rapid scale up of installed capacity in the tidal energy sector in both the UK and France. The alliance will include co-operation across French and UK sites, driving down costs, catalysing opportunities for funding, and delivering economies of scale to tackle the climate emergency.
In November 2020, the European Commission published the European Offshore Strategy setting out the challenge of delivering marine energy capacity targets of 100MW by 2025, and 1GW by 2030. The move spurred talks between Nova Innovation and SABELLA on how to combine efforts to meet the targets, resulting in the signing of this transformational MoU.
Fanch Le Bris, CEO of SABELLA, said: “We welcome this MoU between SABELLA and Nova Innovation, and we can already see significant benefits from our teams working together to build capacity for tidal energy across France and the UK and making tidal energy a commercial reality.”
Simon Forrest, CEO of Nova Innovation, added: “We are delighted to formalise our cooperation with SABELLA on site development of projects in France and the UK. Following a similar evolution to the commercialisation of the wind sector, this MoU creates a pathway to accelerate delivery of larger, high-impact projects to take tidal energy mainstream.”
The move sends a strong positive signal to investors, the European Commission and stakeholders in the tidal energy sector.
Michael Matheson, Cabinet Secretary for Net Zero and Energy in the Scottish Government, said: “Nova Innovation is a pioneer in tidal energy technology and the Scottish Government is proud to have played a supporting role in its achievements to date. I welcome this agreement between Nova and SABELLA and I look forward to it delivering further opportunities for both companies – along with the wider sector – to grow, develop and realise the potential that tidal energy has in our journey to net-zero.”
Nova Innovation and SABELLA will share information on site development, technical expertise, environmental data and their thriving networks to accelerate the time it takes to deploy projects and maximise cost efficiency of site development.
The French and Scottish companies combine extensive experience and shared values with an ambitious global roll-out strategy. This pan-European alliance will maintain and strengthen the strong relationships across the European tidal energy supply chain, helping to continue the successful cost reduction pathway of this clean, predictable form of renewable energy.