The company designs, builds and operates tidal turbines that generate renewable energy from the sea and in 2016 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 their tidal technology, creating the world’s first tidal power station with the ability to deliver baseload (constant, steady-state) power and provide energy on demand to meet consumer needs.
“With the climate emergency and a global hunger for clean, sustainable energy, the time is right to invest in additional sources of renewable energy” said Simon Forrest, CEO of Nova Innovation. “Nova’s tidal technology can generate clean, predictable electricity from the abundant tidal resources around the world. 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 investment will drive our three-year plan to lower the cost of tidal energy, accelerate growth and move into new international markets. Not only are we delivering clean energy, we are creating a clean tech industry with a truly global mission.”
The challenge for established renewables has been their unpredictable and intermittent nature – the sun doesn’t always shine; the wind doesn’t always blow. Tidal energy is completely predictable – minutes, days, even years in advance. Combined with energy storage, the tide can deliver a valuable source of predictable energy on demand. The development of tidal energy technologies will not only bring environmental benefits, it will create jobs and build a marine energy sector that plays to the strength of maritime nations. UK Catapult has estimated that the tidal industry could bring a net benefit to the UK of £1.4 billion by 2030, supporting almost 14,500 jobs in the UK by 2040, boosting local economies and coastal communities.
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