Nova innovation

The company's business model involves the full lifecycle of tidal energy projects, from initial site development and turbine manufacturing to installation and long-term operation and maintenance, generating recurring income. It also earns revenue from its expertise in smart energy systems. Nova Innovation primarily serves clients such as utility companies and governments seeking to incorporate renewable energy sources into their portfolios. A key milestone was the 2016 installation of the world's first offshore tidal array in Shetland, Scotland, which has been powering homes and businesses for over five years. In 2018, the company partnered with Tesla to integrate energy storage, creating the world's first baseload tidal power station capable of delivering a constant supply of energy. More recently, the company has diversified into floating solar power solutions, launching the AquaGen365 joint venture with RSK in 2024 to design and install floating solar platforms.

Nova's core products are its subsea turbines, such as the M100 and M500 models, which sit on the seabed with no visual impact on the landscape. These turbines are designed to be robust, scalable, and suitable for various marine environments, including deep water, estuaries, and large rivers. The technology is promoted as reliable and working in harmony with marine life. The company has secured significant funding, including from the Scottish National Investment Bank and the European Union's Horizon Europe program, to scale up manufacturing and drive down costs. Nova Innovation is expanding internationally, with projects and sites in Canada, France, Wales, and Indonesia.