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.
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.”