The firm has received €2.5 million (£2.1m) to build an upscaled tidal energy turbine that aims to further slash the cost of tidal power and meet the needs of utility clients around the world.
The European Innovation Council (EIC) Accelerator Fund will finance Nova’s UpTempo (upscaling tidal energy manufacturing and production output) project – a two-year campaign to design, build, and demonstrate an enhanced version of the company’s 100-kilowatt (kW) tidal turbine.
The advanced 200kW device will feature blade pitch control, increasing the amount of power and energy generated, and a more compact turbine body that will reduce the weight and cost of the device. Together, these innovations will cut the cost of tidal energy by 30 per cent, the firm said.
Simon Forrest, chief executive of Nova Innovation, said: “Tidal energy is needed for our future renewable energy mix - it is clean, reliable, predictable and has no visual impact.
“The EIC funding will help us develop our world-leading tidal energy technology that has been generating energy to the grid since 2016.
“Our current tidal turbine, named ‘EUnice’, has delivered outstanding performance since deployment in Shetland in 2020.
“The UpTempo project will build on this success, driving down costs even further through innovation and economies of scale. The turbine will be designed to meet the needs of utility clients in our target markets around the world.”
Nova is working on tidal energy projects across the UK, Europe, North America and Asia.