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The funding for the Edinburgh company, awarded through Scottish Enterprise, is directed at the Volt project (VOlume Manufacturing and Logistics for Tidal Energy).
The Nova scheme aims to develop the first European assembly line to mass manufacture tidal turbines. It will also trial ‘innovative techniques and tools’ in the shipping, deployment and monitoring of turbines around the world.
The project will examine how to improve turbine performance, logistics for mass manufacture, and develop new techniques for cost-effective delivery of tidal turbines. Volt will also deliver a remote observation platform for environmental monitoring of tidal energy sites.
Nova aims to make tidal energy “mainstream worldwide”, said CEO Simon Forrest. “This support is significant and very welcome, as it sees Nova and the wider sector shift onto an industrial footing. It is an endorsement of Nova’s global ambition to transform the power of our seas into clean, predictable energy, empowering coastal communities all around the world.”
The company’s turbines have been providing power to the Shetland grid for over five years, and will soon be deployed in North America and mainland Europe.
Tidal energy costs are falling rapidly as the sector scales up. Tidal energy offers a competitive alternative to diesel generation in many markets, and Nova said it will be cheaper than nuclear by 2030. The global market size of tidal energy by 2050 could be up to £126bn.
Michael Matheson, cabinet secretary for ‘net zero’ in the Scottish government, visited Nova’s headquarters following the announcement. He said: “With our abundant natural resources and expertise, Scotland is ideally placed to harness the enormous global market for marine energy, whilst helping deliver a net-zero economy both here and across the world. That’s why we are determined to help the sector grow and develop.”
The Volt project will run from 2021 to 2023.
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