Scottish tidal energy firm bags €2.5m funding

The funding will support the development of advanced turbine technology that would cut the cost of tidal energy by 30%

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Scottish tidal firm Nova Innovation is ready to make waves with its new tidal turbine technology as it secured €2.5 million (£2.1m) in funding from the European Innovation Council (EIC) Accelerator Fund.

The 200kW device is designed to increase the amount of energy generated while reducing the production cost.

Implementing the technology is forecast to cut the cost of tidal energy by 30%.

Simon Forrest, Chief Executive Officer of Nova Innovation, said: “Tidal energy is needed for our future renewable energy mix – it is clean, reliable, predictable and has no visual impact.”

Last month, the government announced it would invest £20 million every year in tidal power through its Contracts for Difference (CfD) scheme.

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