Tidal energy company Nova Innovation is turning to crowdfunding to raise investment to help accelerate the growth of its technology.
The company is looking to crowdfund £500,000 on investment platform Seedrs.
Nova Innovation chief executive Simon Forrest said: “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.
“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 capital raised will “drive the company’s three-year plan to lower the cost of tidal energy, accelerate growth and move into new international markets”, according to Forrest.
“Not only are we delivering clean energy, we are creating a clean tech industry with a truly global mission,” he added.
UK ORE Catapult has estimated that the tidal industry could bring a net benefit to the UK of £1.4bn by 2030, supporting almost 14,500 jobs in the UK by 2040, boosting local economies and coastal communities.
In 2016, Nova installed the world’s first offshore tidal array.
Located in the Shetland Islands, Scotland, the turbines have been generating clean electricity and exporting to the grid for over three years.
In 2018, Nova worked with Tesla to add energy storage to its tidal technology, creating the first tidal power station with the ability to deliver baseload – constant, steady-state – power.