TIDAL energy firm Nova Innovation has secured more than £6 million from the Scottish National Investment Bank (SNIB) to fund the manufacturing and distribution of its subsea tidal turbines.

The £6.4m investment will see the Edinburgh-headquartered company increase its presence across the UK and expand into new global markets.

Nova’s innovative 100kW tidal turbines have been transforming the power of the sea into clean, predictable energy in Shetland since 2016.

By focusing on scalable solutions, the firm has been able to install, adapt and enhance its technology on site, creating a reliable and replicable product for mass production.

Nova’s turbines can be used to generate tidal energy within small projects in coastal communities or scaled up to large developments that power the National Grid.

Its technology has global potential because of the strong tidal currents on every continent, as well as domestic opportunities in the waters around Scotland and the UK.

Nova Innovation CEO, 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.

“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 SNIB investment will support Nova in meeting growing global and local demand for its tidal turbines and its core technology will be manufactured in Scotland with supply chain benefits passed on to other Scottish businesses.

Nova has already experienced strong demand for their technology with current projects across the UK, Europe, Asia and North America.

The investment will also fund ongoing research and development into marine energy.

SNIB CEO, Eilidh Mactaggart, 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 “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.”

She added: “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.”