Power deal

Nova secures SNIB funds for tidal turbines

Simon Forrest

Simon Forrest: passionate

Tidal energy pioneer Nova Innovation has secured £6.4 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.

Simon Forrest, CEO of Nova Innovation, speaking yesterday, 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.”

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.”

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