Nova Innovation has secured a £6.4 million investment from the Scottish National Investment Bank to fund the manufacturing and distribution of its tidal turbines.
The Edinburgh-based company’s 100kW turbines have been operation in Shetland since 2016.
The investment will help Nova to meet growing demand for its turbines both domestically and abroad, with the core technology being manufactured in Scotland. It will also fund ongoing research and development into marine energy.
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. 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.”
Eilidh Mactaggart, chief executive of the Scottish National Investment Bank, said: “Nova Innovation is a great example of Scottish engineering finding new solutions to the climate crisis. Its tidal technology has the potential to sustainably meet the energy needs of remote communities globally.
She continued: “I am very proud that the Bank’s investment will enable Nova to develop new facilities to expand its manufacturing capacity and increase the supply of its tidal turbines to Scotland, the UK and the world.
“Nova’s recent development of tidal powered electric vehicle charging points underlines the company’s ability to develop and expand the use of its technology creatively. Nova’s focus on the supply to island and coastal communities who were previously heavily dependent on fossil fuels has been a key driver in its success to date.”