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Scottish tidal firm launches £500k crowdfunder

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A Shetland marine energy firm has launched a £500,000 crowdfunding campaign to raise investment for its offshore tidal technology.

Edinburgh-headquartered Nova Innovation said the finding campaign is to “fast-track” its tidal technology and grow its expansion across Europe and the US.

The firm launched its first tidal turbine off the coast of Shetland’s Bluemull Sound in 2016.

Nova has also worked with Tesla, which combined energy storage with its tidal array to create the world’s first tidal power station.

The Scottish firm said it was offering the opportunity to invest in the “next generation of sustainable energy”.

Nova claim the sector could create a net benefit to the UK of £1.4 billion by 2030 and up to 14,500 jobs in the UK by 2040.

Simon Forrest, chief executive of Nova Innovation said: “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.”

In August, Nova announced the completion of a project aiming to reducing the cost of the technology by 30%.

Its three-year Tidal Turbine Power Take-off Accelerator (TiPA) project hopes to reduce the cost of tidal power through increased efficiency and long-term reliability testing.

Siemens, Aberdeen-headquartered Wood, Edinburgh University, SKF, Delft Technical University and RWTH Aachen University are all part of the project.

Mr Forrest added: “The UK is already a world-leader in the tidal energy sector. It is not a question of ‘if’ tidal energy happens, it is happening right now.

“It is now a matter of ‘how quickly’ we can bring it to market.

“Join us and be part of our underwater revolution to transform the power of our seas into clean predictable electricity.”

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