Investment to expand manufacturing base, enabling production of innovative tidal turbines, generating zero carbon energy in remote communities.
The Bank’s investment in Nova aligns strongly with the Bank’s net zero mission, but also supports the innovation and place missions.
Nova’s technology opens up a new source of renewable energy generation, exploiting vast tidal resources and bringing carbon benefits to both Scotland and the rest of the world.
By pursuing small scale generation solutions the company has been able to install, adapt and improve their technology in situ, developing a reliable and replicable product that is ready to be mass produced. Turbine arrays can be scaled for local need and tidal conditions, ranging from small installations to support remote communities to larger projects which could provide grid-scale power.
Nova is actively exploring opportunities around the world with turbines due to be installed in their largest project outside the UK in Nova Scotia, Canada in late 2021.
"Nova Innovation is a great example of Scottish engineering finding new solutions to the climate crisis.''Eilidh Mactaggart
CEO - Scottish National Investment Bank
Simon Forrest, CEO of Nova Innovation:
“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.”
The Bank’s investment will support Nova in meeting growing global and local demand for its of the tidal turbines. Core technology will be manufactured in Scotland and supply chain benefits will be passed on to other Scottish businesses. The company has already experienced strong global demand for their technology with current projects across the UK, Europe, Asia and North America.
The Bank’s investment will also fund ongoing research and development into marine energy. By harnessing innovation and improving accessibility to renewable energy in remote rural communities, the investment in Nova Innovation aligns with all of the Bank’s missions.
Eilidh Mactaggart, CEO of the Scottish National Investment Bank:
“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.
“This innovative business has proven that its tidal technology works successfully commercialised its technology with a growing order book for its turbines both locally and globally.
“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.”
Alignment to the United Nations' Sustainable Development Goals
All of the investments we make support the UN's Sustainable Development Goals. This investment supports the goals below:
Affordable and Clean Energy
Providing clean, reliable and affordable energy to remote communities in Scotland and around the world
Decent Work and Economic Growth
Supporting jobs for people in remote areas of Scotland
Industry, Innovation and Infrastructure
Developing new technologies which will contribute to Scotland’s future economy
Sustainable Cities and Communities
Improving the resilience and sustainability of remote communities
Developing new forms of renewable energy to diversify our renewable generation strategy