Nova Innovation shoots past funding target

The tidal energy developer raised £700,000, significantly more than its goal of £500,000

Tidal energy firm Nova Innovation has shot past its funding target, raising more than £700,000 to support its future growth.

More than 900 investors have already signed up to the firm’s crowdfunding raise, shooting past its initial funding target of raising £500,000 within two weeks.

The Edinburgh-based business is now releasing additional equity to match the level of interest it has received.

The firm plans to “transform the power of our seas into clean, predictable electricity” and claims to be responsible for the world’s first offshore tidal array, installed in Shetland in 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.”

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