Tidal turbine developer Nova turns to crowdfunding

Source: Nova Innovation

November 5 (Renewables Now) - Scottish tidal energy firm Nova Innovation Ltd wants to crowdfund some GBP 500,000 (USD 645,000/EUR 580,000) on investment platform Seedrs, it announced on Tuesday.

As of the writing of this article, the crowdfunding campaign is 54% completed, with the investment already funded amounting to GBP 272,465.

Nova is engaged in the design, manufacturing and operation of underwater tidal turbines. In 2016, it installed a three-turbine offshore tidal array in the Shetland Islands, Scotland. The company partnered with Tesla Inc (NASDAQ:TSLA) in 2018 to add energy storage to its technology.

By securing the financing, Nova seeks to accelerate the development of its technology and step up growth across Europe and North America.

“The investment will drive our three-year plan to lower the cost of tidal energy, accelerate growth and move into new international markets,” said Simon Forrest, CEO of Nova Innovation.

(GBP 1.0 = USD 1.290/EUR 1.161)

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