More equity released
Tidal energy firm Nova extends offer after flow of support
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.”
Unlike tidal lagoon and barrage technologies, Nova’s tidal stream turbines – similar in appearance to wind turbines – sit on the seabed, completely submerged with no visual impact or navigational hazard.
Extensive environmental testing over several years has shown these turbines work in harmony with the marine environment, with no detrimental impact on wildlife or shipping.
The global potential of this emerging tidal stream sector (a potential £76 billion market) is beginning to gather excitement, with new support from across the political spectrum. Labour, the Liberal Democrats, the SNP, Plaid Cymru and the Green Party have all made specific manifesto pledges to invest in tidal power. The Conservatives aim to reach net zero carbon emissions by 2050 with investment in clean energy solutions whilst boosting UK exports – tidal energy can do both.
“Nova Innovation has proven that tidal energy is already happening and is capturing the imagination of the public and politicians as we move to take the technology mainstream” added Mr Forrest.
“The tide is one of the most powerful forces on the planet which until recently has remained untapped. Nova Innovation is changing this and is offering an opportunity for others to get involved.”