It said the move into Canada comes “as the world-wide race heats up to capture the potentially huge global tidal energy industry”.
The business, which is chaired by former SSE boss Ian Marchant, has received a permit to develop a 1.5-megawatt tidal array in Petit Passage, in the Bay of Fundy area of Nova Scotia.
The initiative will take place via a phased approach, starting with a single turbine in 2020, then three phases of 0.5 megawatts will eventually see 15 tidal stream turbines installed by 2023 on the seabed to generate clean electricity from the natural ebb and flow of the tide – enough to power as many as 600 homes.
Simon Forrest, chief executive of Nova Innovation, said: “At five times the size of our array in Shetland, which is the first of its kind in the world, this project is a massive step forward for Nova Innovation and the sector – propelling Nova Scotia to a leading position in tidal energy.
“It is testimony to the quality of our team in Canada; the relationships we have built with communities, supply chain and government; and the hard work put in by all, that this project will now become a reality.”
He also praised Nova Scotia’s “abundant” tidal resource and political will to make the area the global leader in the sector.
Nova Innovation also said the Nova Scotian government is pledging to pay it 50 cents per kilowatt hour of electricity from the 15 new turbines. “This long-term approach will enable Canada to become the global hub of the sector, establish a highly skilled supply chain, help regenerate coastal communities and capitalise on the high-quality jobs being created by the industry.”
Derek Mombourquette, Nova Scotia energy and mines minister said: “Nova Scotia’s leadership in the development of clean, renewable tidal energy continues to attract new businesses and new investment to our shores.”
Nova Innovation recently said it was opening itself up to additional investment from the public after surpassing its initial crowdfunding target in weeks. It had set an original goal of £500,000 – but now raised more than £850,000.