More equity released

Tidal energy firm Nova extends offer after flow of support

Nova Innovation tidal power in Shetland

Pioneering: the company is harnessing sea power

A tidal energy company is releasing more equity after hundreds of supporters contributed more than £700,000 to a crowdfund campaign.

More than 900 have already signed up to Nova Innovation’s cash call on the Seedrs platform, smashing its initial funding target of £500,000 within two weeks.

Such has been the level of interest, the Edinburgh-based business is now releasing additional equity so more people can be a part of its ground-breaking vision to transform the power of the sea into clean, predictable electricity.

As an added boost, Nova has received EIS advanced assurance from HMRC providing a wide range of tax benefits, including tax relief for investors.

The UK has been the major pioneer of tidal stream technology, with Scotland at the forefront. Nova Innovation is one of the world’s pioneering tidal energy companies, responsible for the world’s first offshore tidal array – a series of turbines generating electricity from the sea in Shetland since 2016.

Nova Innovation CEO Simon Forrest said: “In the face of the declared climate change emergency, we are on a mission to transform the power of the oceans across the world into clean, predictable energy.

“Responding to the growing clamour for action, we are now offering the wider public the opportunity to invest in this ground-breaking green solution. We have been overwhelmed by the response, which demonstrates to us the public appetite for new, clean, sustainable solutions to the climate challenge.”

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