Scottish National Investment Bank backs tidal turbine maker Nova Innovation

Edinburgh-based tidal energy company Nova Innovation has secured a GBP-6.4-million (USD 8.8m/EUR 7.4m) investment from the Scottish National Investment Bank, the entities said on Tuesday.

The funding will support the manufacturing and distribution of Nova Innovation’s 100-kW subsea tidal turbines. The technology has been generating power in Shetland for over five years and the company is now gearing up to start supplying it to global markets, with current projects across the UK, Europe, Asia and North America. The turbines can be used to supply energy to coastal communities, or be scaled up to deliver grid power.

Nova Innovation has been recently awarded GBP 2 million from the Scottish government, through Scottish Enterprise, for a project that will develop the first European assembly line to mass manufacture tidal turbines.

(GBP 1 = USD 1.377/EUR 1.161)

Choose your newsletter by Renewables Now. Join for free!