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DateInvestorsAmountRound
N/A

€50.0k

Grant

€50.0k

Grant
*
N/A

€2.3m

Grant
*
N/A

£1.1m

Seed
*

£1.2m

Grant
*

£2.0m

Seed
*

£6.4m

Growth Equity VC
*

€2.5m

Grant

£2.2m

Grant
*

£17.0m

Grant
Total Funding€40.7m

Recent News about Nova innovation

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Nova Innovation is a pioneering company in the tidal energy sector, dedicated to harnessing the power of the sea to generate clean, renewable electricity. The company designs, builds, and operates underwater turbines that convert the natural ebb and flow of tides into predictable and sustainable energy. Nova Innovation's technology is notable for its reliability and cost-effectiveness, making it a competitive player in the renewable energy market.

The company primarily serves utility companies and governments looking to diversify their energy portfolios with renewable sources. Nova Innovation operates in the global renewable energy market, with installations in various aquatic environments, including deep water, shallow water, estuaries, and large rivers. This broad applicability opens up significant opportunities for expansion and adoption worldwide.

Nova Innovation's business model revolves around the development, installation, and maintenance of tidal energy systems. The company generates revenue through the sale of its turbines, long-term maintenance contracts, and potentially through energy sales agreements where it operates its own tidal arrays. A notable achievement includes the installation of the world's first offshore tidal array in the Shetland Islands, Scotland, in 2016, which has been successfully generating and exporting clean electricity to the grid for several years.

In 2018, Nova Innovation collaborated with Tesla to integrate energy storage solutions into its tidal technology. This innovation allows the company to deliver constant, steady-state power and meet consumer demand more effectively, enhancing the reliability of tidal energy as a baseload power source. The company's turbines are designed to have zero visual impact and operate harmoniously with the marine environment, avoiding barriers or barrages that could disrupt ecosystems.

Nova Innovation is committed to transforming the untapped potential of tidal energy into a significant contributor to the global energy mix. The company's focus on sustainable and predictable energy solutions positions it as a game-changer in the renewable energy industry.

Keywords: Tidal Energy, Renewable Energy, Underwater Turbines, Clean Electricity, Sustainable Power, Energy Storage, Marine Environment, Global Market, Utility Companies, Predictable Energy.

Tech stack

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Tech stackLearn more about the technologies and tools that this company uses.