Edinburgh-based Nova Innovation, a tidal energy pioneer, announced today it has secured finance from the Scottish National Investment Bank. Accordingly, this investment will help the company fund manufacturing and distribution infrastructure of its subsea tidal turbines.
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Moreover, the £6.4m investment will help NovaInnovation increase its presence across the UK and expand it further into new global markets; the Company shared in a media release.
Nova Innovation on the funding
According to the Company, it will leverage this funding to manufacture core technology in Scotland. Thus, Nova Innovation will pass supply chain benefits on to other Scottish businesses.
The Bank’s investment will also fund ongoing research and development into marine and tidal energy, Nova Innovation noted in the release.
Accordingly, the Company is supporting this decision on its already experienced global demand for its technology. In fact, it has undergoing projects across the UK, Europe, Asia, and North America.
Reception at the tidal energy firm
Hence, Nova Innovation chief executive Simon Forrest 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.
Forrest also added that Nova Innovation’s products “deliver clean, predictable power with no visual impact or negative effects on the environment.” For instance, the CEO noted how the Company has been “successfully powering homes, businesses, and the grid in Shetland for over five years.”
Hence, the Company now looks forward to delivering its product to new markets worldwide.
“We would like to thank the Scottish National Investment Bank for this significant investment in mass manufacturing and distribution of Nova’s tidal energy technology.” Forrest also thanked the Bank for “supporting Scotland’s transition to net zero and tackling the climate emergency.”
Reception at the Scottish National Investment Bank
Similarly, Scottish National Investment Bank chief executive Eilidh Mactaggart said; “Nova Innovation is a great example of Scottish engineering finding new solutions to the climate crisis.”
Besides, Mactaggart noted that Nova Innovation’s tidal technology “has the potential to sustainably meet the energy needs of remote communities globally.”
For instance, the Company’s innovative business proved it works commercializes successfully. Moreover, Nova Innovation has been recently awarded GBP 2 million from the Scottish Government through Scottish Enterprise. Thus, this funding will help develop a project that will develop the first European assembly line; mainly to mass manufacture tidal turbines.
Lastly, she commented on the investment that she was very proud that the Bank’s investment will enable Nova to develop new facilities. Specifically, this will support the expansion of its manufacturing capacity. Also, it will lead to a supply increase of its tidal turbines to Scotland, the UK, and the world.
In fact, Nova Innovation’s recent development of tidal-powered electric vehicle charging points underlines the Company’s ability, the CEO added; particularly, to develop and expand the use of its technology creatively.