Nova is a world leading tidal energy company; transforming the power of our seas into clean electricity.
|Location||Edinburgh United Kingdom|
|Sectors||Energy Mixed Digital/Non-Digital Mixed B2B/B2C|
|Incorporation date||1 May 2009|
Nova is an award-winning global leader in tidal energy. We design, build and operate tidal turbines that generate electricity from the natural ebb and flow of the tide.
Our underwater turbines have zero visual impact and work in harmony with the marine environment, with no barriers or barrages.
Tidal energy is an abundant, predictable and clean source of energy. Our technology can be installed in deep water, shallow water, estuaries, and large rivers; creating a global opportunity for this vast untapped market.
In 2016, we installed the world’s first offshore tidal array – three turbines located in the Shetland Islands, Scotland. Our turbines have been generating clean electricity and exporting to the grid for over three years.
In 2018, we worked with Tesla to add energy storage to our tidal technology. This created the world’s first baseload tidal power station with the ability to deliver constant, steady-state power and deliver energy on-demand to meet consumer needs.
Climate change is one of the biggest global challenges of our generation. Renewable energy is essential to help tackle this challenge; however, solar and wind are not enough to bridge the gap on their own. We need to develop additional sources of clean renewable energy.
The tide is one of the most powerful forces on earth and an abundant untapped source of renewable energy. At Nova Innovation we are now harnessing the power of the tide. This is helping to transform the way we power our sustainable future.
The challenge for renewables has been their unpredictable and intermittent nature – the sun doesn’t always shine; the wind doesn’t always blow. Tidal energy can provide a solution to this. As well as being clean and abundant, it is predictable – minutes, day, years in advance. By combining it with energy storage, the tide can deliver a valuable source of predictable energy supply on demand.
Our mission is to use the power in our seas to generate sustainable energy across the world.
Substantial accomplishments to date
· Founded in 2010, we have offices in Scotland, Wales and Canada with over 30 staff.
· Ian Marchant became Nova’s Chairman in 2013. Ian was previously the CEO of SSE plc, one of the UK’s leading utilities, and he is currently the Chairman of Thames Water.
· In 2016 we installed the world’s first offshore tidal array which has been successfully operating for over three years.
· In 2017 we won the European Commission’s flagship marine energy project (EnFAIT) which is a five-year project with the aim to reduce the cost of tidal energy by 40%.
· In 2018 we worked with Tesla to build the world’s first grid-connected baseload tidal power station.
· As part of our ongoing growth, we are working on projects in Scotland, Wales, Canada, and France.
· Our cost reduction pathway will enable us to become cost-competitive with traditional baseload nuclear and fossil fuels.
We have won prestigious awards and wide international recognition for our accomplishments, including speaking at the G7 summit with the world’s leading energy ministers in September 2018.
· 2016: we won the prestigious Judges Award at the Green Energy Awards
· 2017: we were awarded a Shell Springboard award for low-carbon innovation
· 2018: we won ‘Outstanding Project’ at the Green Energy Awards
· 2018: we won the European Commission’s European SME of the year
Nova Innovation generates revenue from manufacturing and installing tidal turbines. We generate recurring long-term income from their operation and maintenance. Additional revenue is generated from our knowledge and capabilities with intelligent micro-grid systems.
We have been very successful in winning large strategic government funding which has accelerated cost reduction and enables every pound of private investment to be highly leveraged. Over the past three years we have won £30 million of projects which will drive a well-developed plan for the next three years. We have a proven track record in delivering world leading projects.
Our success in reducing tidal energy costs over the last few years is making us cost-competitive with diesel generation and off-grid locations. This gives us a clear route to market. As we continue to drive costs down, we aim to become mainstream, competing directly with grid-connected fossil fuels and nuclear.
Use of proceeds
We will use the funding for three core purposes:
· Business Growth (25%) – commercialisation and international market development including mainland Europe and North America.
· Commercial Readiness (25%) – we have a proven technology that is already competitive in niche markets. The focus is now on lowering the cost of energy to make tidal energy mainstream.
· Project Delivery (50%) – Nova has a well-developed plan for the next three years. We have been very successful at securing grant funding which requires some match funding from other sources.
The overall amount will be split broadly in the percentages shown but may vary depending on the amount raised and the pace of delivery.
Nova Innovation Ltd is a tidal energy company headquartered in Edinburgh, Scotland. As part of our ongoing growth and internationalisation we have set up two 100%-owned subsidiaries in Canada (Nova Innovation CAN Ltd) and Wales (Enlli Tidal Ltd).
The company currently has an outstanding loan for £660,000 with a 6% interest rate pa, to be repaid by September 2022.
It is also in the in the process of finalising the refinancing of an existing loan for a total amount of £1,284,766. This is likely to have an interest rate of 4.6% and is to be repaid over the course of 6 years. These terms have been agreed in principle but are subject to change until the legal documents are finalised, which is due to be completed shortly.
None of the funds raised will be used to repay these loans.