1 The EIC Accelerator Project
The EIC Accelerator program is a prominent initiative under the European Innovation Council (EIC) that aims to support innovative startups and small and medium-sized enterprises (SMEs) with high growth potential and a focus on deep technology. This program is particularly geared towards fostering the development of breakthrough technologies and services that can significantly impact societal challenges and enhance Europe's competitiveness in the global market.Funding Structure of the EIC Accelerator
The EIC Accelerator offers a dual funding mechanism, which includes grants and equity investments. The grant component can provide up to €2.5 million, which is aimed at financing the development and scaling of innovative projects. This funding can cover various expenses such as product development, prototyping, testing, and market entry activities.
In addition to grants, the EIC Accelerator provides equity investments, with funding levels set at up to €15 million until 2024. Post-2025, this equity funding will be reduced to a maximum of €10 million. This equity component is designed to help companies scale their operations and enhance their market presence by attracting additional private sector investments. By combining grants and equity financing, the EIC Accelerator seeks to mitigate risks associated with innovation while encouraging companies to leverage private investment for growth.
Purpose and Impact of the EIC Accelerator
The primary objective of the EIC Accelerator is to nurture the European DeepTech and startup ecosystem by providing essential financial resources and support. The program aims to bridge the gap between early-stage innovation and market introduction, thus fostering the commercialization of cutting-edge technologies. By helping companies to scale efficiently, the EIC Accelerator plays a critical role in enhancing the overall innovation landscape in Europe. It also serves as a catalyst for startups to attract further funding from private investors, thus ensuring sustainable growth and long-term viability.
Case Study: NOVA INNOVATION LTD and the UpTEMPO Project
NOVA INNOVATION LTD, based in the United Kingdom, was awarded funding through the EIC Accelerator for its project titled UpTEMPO, which focuses on upscaling tidal energy manufacturing and production output. The company submitted its Step 2 proposal on October 6, 2021, and subsequently succeeded in the Step 3 interview, securing grant funding exclusively.
Project Overview: UpTEMPO
The UpTEMPO project is centered on advancing the manufacturing capabilities and production efficiency of tidal energy systems. Tidal energy, a renewable energy source harnessed from the gravitational pull of the moon and sun on the Earth's oceans, offers a predictable and sustainable method of generating electricity. NOVA INNOVATION aims to enhance the scalability of its tidal energy technology, thereby increasing the overall output and making it more commercially viable for widespread adoption.
Technology Background
NOVA INNOVATION specializes in the design and deployment of tidal turbine systems. These turbines operate underwater, utilizing the kinetic energy generated by tidal flows to produce electricity. The technology is characterized by its low environmental impact and minimal carbon footprint, making it an attractive alternative to fossil fuels.
The core innovation of NOVA INNOVATION lies in its ability to manufacture tidal turbines that are not only efficient but also cost-effective. The company's systems are designed to be modular, allowing for easy scalability and integration into existing energy grids. By enhancing the manufacturing processes and optimizing production output, UpTEMPO aims to reduce costs and improve the accessibility of tidal energy for various markets.
In summary, the EIC Accelerator program plays a vital role in promoting innovation within the European startup ecosystem by providing essential funding and resources. NOVA INNOVATION LTD's UpTEMPO project exemplifies the potential of this initiative to facilitate the growth of renewable energy technologies, addressing both energy needs and environmental concerns. Through its focus on tidal energy, NOVA INNOVATION is positioned to contribute significantly to a sustainable energy future while benefiting from the support of the EIC Accelerator.
2 The Funding Rounds
Nova Innovation Ltd: Funding and Financial Events Since EIC Accelerator Success
Overview
Nova Innovation Ltd, based in Edinburgh, United Kingdom, is a leading tidal energy company specializing in transforming marine power into clean energy. The company won the EIC Accelerator award after submitting its Step 2 proposal on October 6, 2021.
Financing Raised and Funding Rounds (Since October 2021)
- Total Funding Raised: Nova Innovation has raised approximately $18.62 million across six funding rounds as of late 2021.
- Major Investment: In September 2021, Nova secured £6.4 million from the Scottish National Investment Bank—its first major institutional investment. This round marked a significant milestone for the company.
- Crowdfunding Round: In December 2021, Nova closed a crowdfunding campaign on Seedrs with over £2 million in commitments.
- Grant Funding: Multiple grants were received:
- Grant II: August 5, 2021
- Grant III: December 7, 2021
- Grant IV: December 29, 2021 ($2.8M)
- Notably, an EIC Accelerator grant was awarded by the European Innovation Council in October 2021 (€2.5m).
Timing and Amount of Key Rounds
| Date | Round | Amount | Investors/Notes |
|---|---|---|---|
| Sep. 2021 | Equity | £6.4m | Scottish National Investment Bank |
| Oct. 2021 | Grant | €2.5m | European Innovation Council (EIC Accelerator) |
| Dec. 21st (Closed) | Crowdfunding | >£2m | Seedrs platform; new investors via secondary share sale |
| Dec. 29th │ | |||
| Grant – IV │ $2.8M │ Government & institutional backers (including EIC) |
Additional smaller rounds include unattributed investments and earlier grants throughout mid to late-2020 and early to mid-2021.
Investor Information
Key named investors since late summer/fall of 2021:
- Scottish National Investment Bank (major equity investor)
- European Innovation Council (EIC), via grant funding
- Various government entities from Belgium, UK, France involved through grant programs or public co-financing mechanisms
- Individual/crowd investors participating via Seedrs secondary campaigns
Nova's approach also includes project financing options through joint ventures and corporate partnerships for specific initiatives or installations.
Company Valuation Insights
A secondary share sale window was opened post-investment by the Scottish National Investment Bank at a share price of £29.59—the same valuation used for that investment round in September/October of 2021.1 No formal public valuations are reported beyond this reference point from autumn/winter of that year.
Exit Events: IPOs or Buyouts
As of April 24th – there are no reports or filings indicating that Nova Innovation Ltd has undergone any exit events such as an initial public offering (IPO), acquisition/buyout by another corporation or private equity firm. The company remains privately held with multiple ongoing investment opportunities including project-based finance.
Summary Table: Major Fundraising Events Since October 6th
| Date | Type | Amount/Share Price | Main Investors |
|---|---|---|---|
| Sep–Oct ʼ21 │Equity + Grant│£6.4M + €2.5M │Scottish Nat’l Investmt Bank/EIC Accelrtr │ | |||
| │Dec ‘21 │Crowdfunding/Secondary Sale│>£2M / £29.59 per share │Seedrs participants ┃ | |||
| ┃Dec ‘21 ┃Grant‑IV ┃$2.8M ┃Govt/institutional incl EIC |
No exits have occurred as of this writing.
Sources
- Nova Innovation reaps multi-million crowdfunding reward
- Nova innovation company information—Dealroom
- CB Insights—Nova Innovation financials & funding
- Seedrs/Nova Secondary Campaign summary
-Freeway PHX ecosystem profile—funding history
-Companies House UK filing history for NOVA INNOVATION LTD SC358996
-Investors overview – Nova official website
3 The Press Releases
Overview of Nova Innovation Ltd
Nova Innovation Ltd is a pioneering company in marine energy, particularly known for its advancements in tidal energy and floating solar technologies. Based in Edinburgh, Scotland, the company has been actively engaged in developing innovative solutions for clean energy. Since submitting its proposal for the EIC Accelerator funding on October 6, 2021, Nova Innovation has achieved several notable milestones.
Technology Advancements
Nova Innovation has made significant strides in tidal energy technology. It doubled the size of its Shetland Tidal Array in January 2023, marking another world-first achievement for the company. Additionally, Nova secured €20 million in EU funding for the SEASTAR project, which involves installing a 16-turbine array in Orkney, set to become the world’s largest.
In floating solar technology, Nova demonstrated its resilience by successfully withstanding Storm Éowyn, showcasing the durability of its floating solar panels. This technology has also been employed to power Forth Ports HQ, highlighting its practical application.
Partnerships and Collaborations
Nova has collaborated with various entities to enhance its offerings. Notably, it partnered with RSK to launch AquaGen365, aiming to advance floating solar solutions. Furthermore, Nova Innovation won a seabed lease to support Shetland's clean energy ambitions.
Team Updates
Nova welcomed Julie Aird to its Board of Directors in November 2024, reinforcing its leadership team. Additionally, the company has grown significantly, quadrupling its workforce in recent years to support its expanding operations.
Press Releases and Blog Posts
Nova regularly updates its website with news and press releases covering its achievements and developments. Recent highlights include the visit of Scotland's First Minister to Nova Innovation in April 2023 and the completion of tidal turbine maintenance during Storm Éowyn in February 2025.
Conclusion
Since receiving the EIC Accelerator funding in 2021, Nova Innovation Ltd has shown remarkable growth and innovation in the field of marine renewable energy. The company continues to push boundaries with its technological advancements and strategic partnerships.
Sources: - News — Nova Innovation
- Nova Doubles the Shetland Tidal Array
- Nova Innovation's floating solar withstands Storm Éowyn's fury
- Nova Innovation: Tidal's challenge is politics and planning
4 The Technology Advancements
Overview of Nova Innovation LTD
Nova Innovation LTD is a leading marine energy company based in the United Kingdom, specializing in tidal energy and recently expanding into floating solar technology. Since receiving funding from the EIC Accelerator in October 2021, the company has made significant advancements in technology and market demonstration.
Current Capabilities
Nova Innovation offers a comprehensive service for tidal turbines, including consenting, design, deployment, grid connection, and energy storage. This expertise is now being applied to floating solar projects as well. The company is known for its innovative tidal stream technology, using direct-drive turbines that capture energy from moving water without the need for a gearbox, making them robust and scalable for various environments.
Advancements Since EIC Funding
Following the EIC funding, Nova Innovation has expanded its presence in the UK and entered new global markets. Key advancements include:
- International Growth: Nova has projects in France, North Wales, and Canada, with the first turbine deployed in Canada in 2023. This expansion demonstrates Nova's ability to adapt its tidal energy technology to different global locations.
- Technology Development: The company continues to innovate in tidal energy, recently announcing Scotland's first floating solar demonstrator to be launched in 2023. This diversification shows Nova's capability to apply its core skills to emerging renewable energy technologies.
- Market Demonstration: Nova has successfully demonstrated its tidal energy technology by powering homes and businesses in Shetland since 2016. The company's Shetland Tidal Array is the world's first grid-connected tidal power station capable of delivering baseload power.
New Features and Demonstrations
Nova Innovation has introduced new features by integrating its expertise into floating solar technology. The floating solar demonstrator in Scotland is a significant step, showcasing how Nova's skills can be applied beyond tidal energy. The company has not publicly announced new patents or scientific studies directly linked to the EIC funding, but its expansion into new markets and technologies highlights its ongoing innovation.
Patents and Scientific Studies
While specific new patents or scientific studies directly attributed to the EIC funding are not publicly detailed, Nova's growth and technological advancements suggest continued innovation. The company's focus on expanding its tidal and solar technologies indicates a commitment to research and development.
Sources
- Nova Innovation | World Leading Marine Energy | Tidal Energy
- News — Nova Innovation | World Leading Marine Energy
- Scotland's first floating solar demonstrator to be launched in 2023
- Nova Innovation - Shetland Tidal Array - Tethys
- Nova Innovation - ORE Catapult
- SKF contributes to innovative design for tidal power | Evolution
5 The Partnerships and Customers
Nova Innovation's Strategic Partnerships and Market Positioning Post-EIC Accelerator Funding Since securing institutional investments and EU project funding around 2021, Nova Innovation has deepened collaborations with industry leaders, governments, and research organizations to advance tidal energy commercialization.Key Partnerships and Customers
- SEASTAR Consortium: Nova leads this Horizon Europe-funded initiative to deploy a 4 MW tidal array at EMEC’s Orkney site, involving pan-European partners to demonstrate large-scale viability.
- SIMEC Atlantis Energy: A 2021 collaboration agreement aimed at accelerating tidal energy deployment through shared expertise in turbine technology and project development.
- RSK Group: Partnered for floating solar ventures and marine energy project scaling.
- Scottish National Investment Bank: Received £6.4 million in 2021 to expand manufacturing capacity and enter global markets like Canada.
New Projects Driving Growth
- Petit Passage, Canada: A 15-turbine project set for phased deployment (first turbine installed in 2023), marking Nova’s largest international venture.
- Morlais Tidal Site (Wales): Part of the Menter Môn-led tidal stream zone with plans for multi-turbine installations.
Market Positioning Through Relationships
These partnerships enhance Nova’s role as a global marine energy leader by:Scaling Impact via Collaboration
By aligning with entities like EMEC and Offshore Renewable Energy Catapult, Nova has secured testing infrastructure for iterative turbine improvements. Its focus on island/coastal communities—such as Shetland’s grid-powered since 2016—demonstrates replicable models for decarbonizing remote regions globally.Sources
- MEECE, Nova Innovation and Seiche Collaboration - ORE Catapult
- Nova Innovation-SIMEC Atlantis Collaboration
- RSK Group Partnership
6 The Hiring and Company Growth
Nova Innovation Ltd: Team Growth and Developments
Nova Innovation Ltd, based in Edinburgh, UK, is a leading developer of tidal stream turbines. Since winning the EIC Accelerator funding in October 2021, the company has experienced significant growth and developments.
Current Team Size and Growth
As of 2023, Nova Innovation has grown from 2 employees in 2010 to a workforce of approximately 40-50 personnel. This substantial increase reflects the company's expanding operations and diversification into new technologies, such as floating solar power solutions.Hiring and Current Positions
Nova Innovation is actively involved in various projects that require skilled personnel, but specific current job openings are not detailed in the available data. However, the company's growth indicates ongoing recruitment efforts to support its global expansion and technological advancements.Recent Key Positions and Hires
In September 2024, Julie Lorna Aird was appointed as a Director and Chief Financial Officer. This appointment is significant for the company's financial management and strategic planning.Impact of New Team Members
New team members contribute significantly to Nova Innovation's future by enhancing its operational capacity, technological innovation, and strategic planning. The addition of experienced professionals like Julie Aird helps the company scale its operations effectively, manage finances efficiently, and explore new markets.Changes in Management
There have been no major changes reported in the founding team, with Dr. Simon Forrest and Dr. Gary Connor continuing to lead the company. However, recent appointments, such as Julie Aird's, indicate adjustments to the management structure aimed at supporting expansion.Future Growth and Scaling
Nova Innovation is poised for further growth with its successful projects, such as the SEASTAR project in Orkney and developments in France and Canada. The company's ability to secure significant funding, including EU grants, supports its strategic vision to become a global leader in tidal energy and related technologies.Conclusion
Nova Innovation Ltd has experienced substantial growth since receiving the EIC Accelerator funding. The company continues to expand its team and technology portfolio, positioning itself for future success in the renewable energy sector.Sources
- Nova Innovation Ltd - Company Profile
- Nova Innovation Company Information
- Nova Innovation - Wikipedia
- Nova Innovation - Global Renewable News
- Nova Innovation - ORE Catapult
7 The Media Features and Publications
Nova Innovation Ltd: Overview and Recent Developments
Nova Innovation Ltd, a renowned leader in marine energy, particularly in tidal and floating solar technologies, received the EIC Accelerator funding in October 2021. Since then, the company has achieved significant milestones in both innovation and market expansion.
Media Features and Publications
Nova Innovation has been featured in various media outlets, including Energy Voice, which highlighted the company's expansion into international markets and its success in winning European funding for the Seastar project, a major tidal energy array in Orkney. Additionally, their floating solar technology was noted for its resilience during Storm Éowyn by Offshore Energy Biz.
Content from Publications
Publications have covered Nova Innovation's advancements in tidal energy, including its role in driving Scotland's clean energy future and its participation in government-supported energy projects. The company's CEO, Simon Forrest, discussed the challenges faced by the tidal energy sector, emphasizing regulatory and political hurdles rather than technological ones. Nova also received coverage for its innovative floating solar technology and its collaboration with RSK to launch AquaGen365, focusing on delivering floating solar solutions.
Podcasts and Interviews
Nova Innovation's team has participated in several podcasts and interviews. A notable example is a deep dive into tidal energy with ORE Catapult, where Nova's Chief Operating Officer, Seumas MacKenzie, discussed the past, present, and future of tidal energy in the UK.
Conference and Fair Visits
While specific details on recent conference visits are limited, Nova Innovation is actively involved in promoting its technologies and collaborating with government bodies to enhance its market presence. The company's leadership often engages with high-level government officials, such as the Secretary of State for Scotland and Scotland's First Minister, who have visited Nova's facilities to discuss future energy strategies.
Involvement in Events
Nova Innovation is committed to participating in significant events related to sustainable energy. The company hosted Labour's Green Strategy Launch and welcomed various government officials to discuss future energy initiatives. Additionally, Nova has been involved in numerous projects, including the EnFAIT Project and initiatives related to green hydrogen, further solidifying its position as a leader in innovative energy solutions.
Sources
- Nova Innovation
- Nova Innovation News
- Energy Voice: Nova Innovation's Tidal Energy Challenges
- Offshore Energy Biz: Nova's Floating Solar Withstands Storm Éowyn
- ORE Catapult Podcast with Nova Innovation
Footnotes
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The precise post-money valuation is not disclosed but can be inferred relative to shares offered at this price during both institutional and crowd sales. ↩
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