Nova Innovation secures €7.5m investment from Scottish National Investment Bank
Tidal energy pioneer Nova Innovation has secured €7.5 million from the Scottish National Investment Bank to fund manufacturing and distribution of its innovative subsea tidal turbines. The investment will see Nova increase its presence across the UK and expand into new global markets.
The Edinburgh-based company’s innovative 100kW tidal turbines have been transforming the power of the sea into clean, predictable energy in Shetland since 2016. By focusing on scalable solutions, Nova has been able to install, adapt and enhance its technology on site, creating a reliable and replicable product for mass production.
Nova’s turbines can be used to generate tidal energy within small projects in coastal communities or scaled up to large developments that power the national grid.
As well as strong domestic opportunities for tidal energy in the waters around Scotland and the UK, Nova’s technology has global potential as there are strong tidal currents on every continent.
Simon Forrest, CEO of Nova Innovation, said: “We are passionate about creating sustainable energy solutions and have proven that our tidal turbines meet all our client requirements in the toughest of environments. Our products deliver clean, predictable power with no visual impact or negative effects on the environment.
“We have been successfully powering homes, businesses, and the grid in Shetland for over five years. We now look forward to delivering our product to new markets around the world.
“We would like to thank the Scottish National Investment Bank for this significant investment in mass manufacturing and distribution of Nova’s tidal energy technology – supporting Scotland’s transition to net zero and tackling the climate emergency.”
The Bank’s investment will support Nova in meeting growing global and local demand for its tidal turbines. Core technology will be manufactured in Scotland and supply chain benefits will be passed on to other Scottish businesses. The company has already experienced strong global demand for their technology with current projects across the UK, Europe, Asia and North America.
The Bank’s investment will also fund ongoing research and development into marine energy. By harnessing innovation and improving accessibility to renewable energy in remote rural communities, the investment in Nova Innovation aligns with all of the Bank’s missions.
Eilidh Mactaggart, CEO of the Scottish National Investment Bank, said: “Nova Innovation is a great example of Scottish engineering finding new solutions to the climate crisis. Its tidal technology has the potential to sustainably meet the energy needs of remote communities globally.
“This innovative business has proven that its tidal technology works successfully commercialised its technology with a growing order book for its turbines both locally and globally.
“I am very proud that the Bank’s investment will enable Nova to develop new facilities to expand its manufacturing capacity and increase the supply of its tidal turbines to Scotland, the UK and the world.
“Nova’s recent development of tidal powered electric vehicle charging points underlines the company’s ability to develop and expand the use of its technology creatively. Nova’s focus on the supply to island and coastal communities who were previously heavily dependent on fossil fuels has been a key driver in its success to date.”