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Nova Innovation, launched in 2010, five years ago installed the world’s first offshore tidal network in the Shetlands, which transforms the energy from the sea into clean and reliable energy for the 22,000 inhabitants of the islands, including the first tidal energy electric vehicle charging point.
It is currently working on a contract to install 15 turbines in Nova Scotia, Canada, the first to be delivered by the end of the year. And now it is looking to expand into Southeast Asia.
Money from the Scottish National Investment Bank will finance the manufacture and distribution of the company’s innovative 100 kW tidal turbines and allow it to expand its presence across the UK and expand into new global markets.
Nova said it currently employs 35 people and that over the next few years that number is expected to rise to around 70.
CEO Simon Forrest said: “We are passionate about creating sustainable energy solutions and have proven that our tidal turbines meet all of our customers’ requirements in the harshest environments.
“Our products provide clean and predictable energy without visual impact or negative effects on the environment. We have been successfully powering homes, businesses and the Shetland power grid for over five years. We are now looking 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 the manufacture and mass distribution of Nova’s tidal power technology – supporting Scotland’s transition to net zero and tackling the climate emergency. “
The core technology will be made in Scotland and the benefits of the supply chain will be passed on to other Scottish companies.
Nova said its turbines can be used to generate tidal power as part of small projects in coastal communities or extended to large developments that feed into the national grid.
And he said that in addition to strong opportunities for tidal power in the waters around Scotland and the UK, the technology has global potential as there are strong tidal currents on all continents.
The bank‘s investment will also finance ongoing research and development in marine energy.
The new National Investment Bank of Scotland was launched with the demand to focus on eco …
Eilidh Mactaggart, Managing Director of the Scottish National Investment Bank, said: “Nova Innovation is a prime example of Scottish engineering finding new solutions to the climate crisis. Its tidal technology has the potential to sustainably meet the energy needs of isolated communities around the world.
“This innovative company has proven its tidal technology to work successfully, commercialized its technology with a growing order book for its turbines both locally and globally.
“I am very proud that the bank’s investment allows Nova to develop new facilities to expand its manufacturing capacity and increase the supply of its tidal turbines in Scotland, the UK and around the world.
“Nova’s recent development of tidal-powered electric vehicle charging stations underscores the company’s ability to creatively develop and expand the use of its technology. Nova’s focus on supplying island and coastal communities that previously relied heavily on fossil fuels has been a key factor in its success to date.