Nova Innovation: Crowdfund push aims to fast-track tidal energy project

  • Nov 06, 2019
  • Business Green

Nova Innovation is looking to crowdfund £500,000 to fund a three-year plan to lower the cost of tidal energy, accelerate its growth drive, and expand into new international markets, the company announced this week.

The tidal energy company is behind the world's first offshore tidal array, located in Scotland's Shetland Islands, which came online in 2016.

Last year, it worked with automotive and energy company Tesla to add energy storage capabilities to its array, giving the site the ability to delivery constant baseload power and provide energy on demand to consumers.

The firm now wants to expand into Europe and North America, while also working to lower the cost of the energy it produces.

As such it yesterday announced the launch of a crowdfund campaign on investment platform Seedrs, which allows any type of investor to participate.

"As well as harnessing a great source of renewable energy, Nova's tidal technology offers the ability to deliver baseload power to the grid, giving it the opportunity to displace coal, diesel and nuclear - something solar and wind are unable to do," said Simon Forrest, chief executive at Nova Innovation. "We are offering the opportunity for people to invest in Nova and join our mission to harness energy from the tide, securing this source of clean electricity for the future."

"The investment will drive our three-year plan to lower the cost of tidal energy, accelerate growth and move into new international markets," he added. "Not only are we delivering clean energy, we are creating a clean tech industry with a truly global mission."

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