Tidal energy company Nova Innovation has secured an investment of £6.4 million from the Scottish National Investment Bank.
It will fund the manufacturing and distribution of the Edinburgh-based firm’s innovative subsea tidal turbines and boost its presence across the UK and expand into new global markets.
The investment will also fund ongoing research and development into marine energy.
Nova’s 100kW tidal turbines have been transforming the power of the sea into clean energy in the Shetland since 2016, with the technology able to generate tidal power within small projects in coastal communities as well as scaled up to large developments that power the national grid.
Nova said it has already experienced “strong global demand” for its technology, with current projects across the UK, Europe, Asia and North America.
Simon Forrest, CEO of Nova Innovation added: “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. Our products deliver clean, predictable power with no visual impact or negative effects on the environment.
“We have been successfully powering homes, businesses and the grid in Shetland for over five years. We now look forward to delivering our product to new markets around the world.
“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 – supporting Scotland’s transition to net zero and tackling the climate emergency.”