Renewable

December 10 (Renewables Now) - Scottish tidal energy firm Nova Innovation Ltd said on Tuesday it had raised more than GBP 700,000 (USD 919,394/EUR 835,674) through its crowdfunding initiative, well ahead of the initial GBP 500,000 target.

The company launched its campaign on the Seedrs platform at the beginning of November and exceeded its target within two weeks, according to the statement. As a result, it decided to offer additional equity.

As of the writing of this article, the investment already funded amounts to GBP 831,818 for 2.86% of equity.

"We have been overwhelmed by the response, which demonstrates to us the public appetite for new, clean, sustainable solutions to the climate challenge,” CEO Simon Forrest said.

Nova is engaged in the design, manufacturing and operation of underwater tidal turbines. In 2016, it installed a three-turbine offshore tidal array in the Shetland Islands, Scotland.

(GBP 1.0 = USD 1.3/EUR 1.2)