What Nova Innovation does

Nova Innovation is a marine energy company headquartered in Edinburgh, Scotland, founded in 2009, that designs, builds and operates tidal stream turbines and marine-grade floating solar photovoltaic (FPV) systems. It installed the world's first offshore tidal array at Bluemull Sound, Shetland in 2016 and has run subsea turbines continuously since, then added a floating solar line starting with Scotland's first FPV demonstrator at Port of Leith in 2023 and a 400kW commercial FPV array at Bathgate Silica Sand's Arclid quarry in 2026. Core technology is subsea tidal turbines and floating solar arrays engineered for harsh marine conditions, complemented by smart-grid control, energy storage, microgrid and EV charging integration.

The company sells to industrial businesses with water assets (quarries, ports, reservoirs), remote island and coastal communities, energy companies/utilities, and decarbonisation-focused organisations. Revenue is generated through project-based EPC contracts and turnkey delivery, supplemented by project financing, joint-venture investment structures and — most prominently — AquaGen365, a 2024 joint venture with RSK Group that packages floating solar from feasibility through consenting, installation and operation. Over 17 years the company claims £50m+ of delivered energy projects, capitalised primarily through EU and UK public funding (€20m Horizon Europe/UKRI SEASTAR grant, multiple EISMEA/EIC awards) and equity from the Scottish National Investment Bank; revenue figures and headcount (11-50) are modest relative to project ambitions.

Name

Nova Innovation

Legal name

Nova Innovation Limited

Website

https://novainnovation.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

Nova Innovation is an Edinburgh-based marine energy company that designs, builds and operates subsea tidal turbines and marine-grade floating solar systems, delivering turnkey EPC projects and joint-venture deployments (including AquaGen365 with RSK) to industrial, port, quarry, utility and remote-community customers in the UK, Europe and Canada.

Ownership category

akta.pro rank

Product category

Marine Renewable Energy

NAICS

Hydroelectric Power Generation (221111), Turbine and Turbine Generator Set Units Manufacturing (333611), Solar Electric Power Generation (221114)

SIC

Engines & Turbines (3510), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Tidal Stream Power Generation (In-Stream Turbines) (EUACAJAB)

akta.pro secondary industries

Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB), Solar PV Power Plant EPC (Utility-Scale) (EUAEAAAG)

Keywords

• Tidal energy systems
• Floating solar arrays
• Marine renewable energy
• Subsea power stations
• Energy EPC contracts

Headquarters

HQ city

Edinburgh

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Supply Chain, Infrastructure, Operations, Marketing or Sales

Revenue model

1. EPC Contracts: Engineering, Procurement, and Construction contracts for floating solar and tidal energy projects. Nova delivers projects from concept to turnkey completion.
2. Project Financing: Flexible investment opportunities including specific projects, joint ventures, and corporate investment. Partnership through to proprietary project development.
3. Energy Project Delivery: Complete service from concept to turnkey delivery for energy projects including floating solar, tidal, electrification solutions.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Nova Innovation designs, builds, and operates subsea tidal stream turbines and marine-grade floating solar photovoltaic (FPV) systems, delivering turnkey EPC energy projects for industrial customers with water assets such as quarries, ports, reservoirs, and lakes. The company also provides electrification services including battery energy storage, smart grids, micro-grids, EV charging, and project financing, with the SEASTAR 4MW tidal array (16 turbines at EMEC Orkney) representing its largest in-development deployment.

Product overview

Nova Innovation is a clean energy solutions provider offering two core product lines: tidal energy turbines (subsea tidal stream systems) and floating solar (FPV arrays). These are complemented by electrification services including energy storage, smart grids, and energy systems. The company also operates through AquaGen365, a joint venture with RSK for floating solar deployments. Nova's tidal turbines have been operating since 2016 (world's first offshore tidal array in Shetland), while floating solar was added to the portfolio in 2023 starting with Scotland's first floating solar array at Port of Leith. Services range from project financing to turnkey delivery, with expertise in marine energy environments.

Differentiator

Problem solved

Functional benefit

Products and services

• Tidal Energy Turbines Subsea tidal stream turbines that generate clean, predictable electricity from tidal currents, installed on the seabed with no visual impact on the landscape. Operating since 2016, used by coastal and island communities and utilities for baseload renewable power.
• Floating Solar (FPV) Marine-grade floating photovoltaic (FPV) systems installed on water bodies such as lakes, reservoirs, ports, and quarries, generating clean electricity while preserving valuable land and reducing water evaporation. Designed to withstand harsh marine conditions including named storms.
• Marine Services Expertise in tidal energy development including turbine deployment, operation, and maintenance, leveraging Nova's decade of experience managing subsea power stations. Offered to utilities, governments, and marine energy developers.
• Electrification Services Comprehensive energy solutions including Solar PV, Battery Energy Storage Systems, micro-grids, EV charging, electrical systems, grid connections, and control and management systems for industrial and community customers pursuing decarbonisation.
• AquaGen365 (Floating Solar JV with RSK) Joint venture between Nova Innovation and RSK Group offering a one-stop-shop solution for floating solar from initial feasibility, through design, securing consents, installation and operation, requiring minimal client involvement.
• Tidal-Powered EV Charging Electric vehicle charge points powered directly by tidal energy from Nova's seabed-mounted turbines, enabling drivers to charge vehicles from marine renewable generation.

Quantifiable outcome

• 400kW floating solar array powering industrial quarry operations, reducing energy bills and decarbonising processes
• +3 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Six partnerships are on record, tiered core and minor.

• RSK GroupcoreStrategic or Co-development Partner · 1 January 2024AquaGen365 is a joint venture between Nova Innovation and RSK providing a 'one stop shop' solution for floating solar from initial feasibility, through design, securing consents, installation and operation. The partnership enables expansion into the quarrying sector and provides complete service requiring minimal client involvement.
• Wood GroupminorImplementation/ SI/ Consulting PartnerEngineering and consulting partner for project delivery.
• Forth PortscoreStrategic or Co-development PartnerStrategic partner hosting Nova's floating solar demonstrator at Port of Leith. Forth Ports is progressing net zero by 2042 commitment.
• Marine Energy ScotlandminorStrategic or Co-development PartnerIndustry body supporting marine energy development in Scotland.
• DLA PiperminorImplementation/ SI/ Consulting PartnerLegal partner for project development and regulatory matters.
• Nova Scotia PowerminorStrategic or Co-development PartnerPartner for Canadian marine energy projects.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Orbital Marine Power: Scottish-based developer of floating tidal stream turbines (O2 and earlier O1). Direct competitor in UK/Scotland offshore tidal stream, operating from Orkney with similar EU/UK public funding support and customer base in island/covernment markets.
• Simec Atlantis Energy: UK-listed marine energy developer operating tidal stream projects (formerly Atlantis Resources). Direct peer with MeyGen array in Pentland Firth; competes for the same EU/UK government marine energy grants and utility customers.
• Minesto: Swedish developer of subsea tidal kite ('Dragon') technology. Direct peer in marine tidal stream generation, targeting baseload renewable power for islands and grid with comparable scale and EU funding profile.
• Ciel & Terre International: French originator of large-scale floating photovoltaic (FPV) systems with global project pipeline. Direct competitor in the floating solar EPC market Nova addresses via AquaGen365, particularly for industrial water bodies and quarry/reservoir installations.
• Verdant Power: US-based tidal stream developer with Roosevelt Island Tidal Energy (RITE) project in New York's East River. Direct peer in subsea tidal turbine technology and utility-scale array development.
• Ocean Renewable Power Company: US-based tidal energy developer operating TidGen hydrokinetic turbines in Maine. Direct peer in subsea tidal stream technology targeting coastal/island grid customers with similar project financing structures.

Emerging players

• SolarDuck: Netherlands-based developer of offshore floating solar technology designed for harsh marine environments. Closely comparable to Nova's marine-grade FPV, serving similar customer segments (ports, offshore wind integration) and competing for the same European decarbonization mandates.
• Swimsol: Austria/Maldives-based developer of marine-grade floating solar for tropical waters and island microgrids. Emerging player with overlapping FPV technology focus and similar island/coastal customer segments, especially relevant as Nova expands internationally.

Broad incumbents

• Voith Hydro: Global large-scale hydropower and turbine OEM with marine/tidal heritage. Broad incumbent that supplies large hydro turbines; competes indirectly in marine turbine engineering talent and procurement of generator technology relevant to Nova's stack.
• ANDRITZ Hydro: Major global turbine and generator OEM with hydropower and pumped-storage operations. Broad incumbent supplying large hydro turbines; represents the scaled industrial competitor Nova's subsea turbine technology could be benchmarked against for cost and reliability.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/NovaInnovation

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds7 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nova Innovation