Scottish tidal developer Nova Innovation has raised over £700,000 since launching a crowdfunding campaign two week ago, smashing its initial target of £500,000.
More than 900 investors have signed up to Nova’s fundraising drive on the Seedrs platform, the company said in a statement.
The Edinburgh outfit will “release additional equity” after being “overwhelmed by the response” to the offer, it added.
Chief executive Simon Forrest said: “In the face of the declared climate change emergency, we are on a mission to transform the power of the oceans across the world into clean, predictable energy.
“Responding to the growing clamour for action, we are now offering the wider public the opportunity to invest in this ground-breaking green solution.”
Nova is developing the Shetland Tidal Array consisting of up to six of its 100kW M100 turbines in the Bluemull Sound.
Nova has meanwhile received Enterprise Investment Scheme advanced assurance from the UK government to provide tax relief for investors.