International law firm Gowling WLG's energy team has advised Nova Innovation Limited ("Nova") on a £6.4 million investment from the Scottish National Investment Bank to fund the manufacturing and distribution of its subsea tidal turbines.
Nova's innovative 100kW tidal turbines have been transforming the power of the sea's natural tidal flows into clean, predictable energy in Shetland, Scotland since 2016. By focusing on scalable solutions, Nova has been able to install, adapt and enhance its technology on site, creating a reliable and replicable product for mass production. The investment by the Scottish National Investment Bank will allow Nova to scale up its facilities and deliver the product to new markets across the world.
Co-head of Gowling WLG's energy sector, Gareth Baker and principal associate Stephen Bowman (both corporate-energy), led the deal working with Elizabeth Emerson (tax), Chinedu Onuchukwu (corporate) and Annabelle Percy (corporate).
Partner Gareth Baker said: "The benefits of Nova's proven technology are huge, given their turbines deliver clean, reliable, predictable power. We are proud to have supported them with this round of investment. "
Simon Forrest, CEO at Nova Innovation added: "The Bank's investment will support Nova in meeting growing global and local demand for tidal turbines. We would like to thank the Gowling WLG team for providing first-class legal and sector support."
Gowling WLG's multi-disciplinary energy team has a first-class reputation with regard to renewable energy and operates seamlessly around the globe. The deal is another example of the team's position in the energy sector and follows a series of recent mandates including advising HydrogenOne Capital Growth plc on its £107.35 million fundraise and Pioneer Point Partners on its investment into a biogas platform.