Nova urges investors to back £500,000 tidal energy appeal
Clean energy: an underwater turbine
Tidal energy company Nova Innovation hopes to raise £500,000 in a crowd funding campaign and is inviting investors to back the next generation of sustainable energy.
Nova Innovation designs, builds and operates tidal turbines that generate renewable energy from the sea. In 2016 it installed the world’s first offshore tidal array in the Shetland Islands and the turbines have been generating clean electricity and exporting to the grid.
The fund-raising exercise will be through the investment platform Seedrs, to fast-track tidal energy technology and accelerate growth across Europe and North America.
In 2018, Nova worked with Elon Musk’s Tesla to add energy storage to its tidal technology, creating the world’s first tidal power station with the ability to deliver baseload (constant, steady-state) power and provide energy on demand to meet consumer needs.
Simon Forrest, CEO of Nova Innovation said: “With the climate emergency and a global hunger for clean, sustainable energy, the time is right to invest in additional sources of renewable energy.
“The investment will drive our three-year plan to lower the cost of tidal energy, accelerate growth and move into new international markets. “
UK Catapult has estimated that the tidal industry could bring a net benefit to the UK of £1.4bn by 2030, supporting almost 14,500 jobs in the UK by 2040, boosting local economies and coastal communities.