Scots investment bank backs Nova Innovation

TIDAL energy pioneer Nova Innovation Ltd has secured £6.4 million from The Scottish National Investment Bank to fund manufacturing and distribution of its innovative subsea tidal turbines.

The investment will see Nova increase its presence across the UK and expand into new global markets.

The Edinburgh-based company’s innovative 100kW tidal turbines have been transforming the power of the sea into clean, predictable energy in Shetland 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.

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Macquarie Group goes fishing in UK water dregs

Macquarie is poking around in murky British waters. The Australian bank’s infrastructure management arm has bought a majority stake in Southern Water for £1 bn as part of a recapitalisation that will dilute existing owners, including UBS Asset Management and Hermes Investment Group.

The company, which serves the counties of Kent, Sussex and Hampshire, recently paid a £90 m penalty, the sector’s biggest, for dumping sewage in rivers and off coasts. Macquarie is pledging to cut Southern’s debt, beef up governance, invest in new infrastructure and adopt a “zero tolerance” policy to pollution.

Macquarie is not paying a steep price, but it probably faces a long wait for a decent return.

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Manufacturing boost for North East jobs in offshore wind production

More than 300 jobs are being created in the North East in an offshore wind production boom thanks to more than £70m of UK government and private investment.

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New £3m investment fund for boat-based tourism in Scotland

Crown Estate Scotland has launched a special fund to help promote the sustainable development of Scotland’s marine tourism sector.

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National Maritime unveils exciting plans for Maritime and Sustainable Technology hub in key port town of Newhaven, Sussex

Blue Space at the Marine Workshops is the redevelopment of a stunning heritage site into a Maritime and Sustainable Technology hub in Newhaven and is set to reinvigorate the area’s industry and bring huge opportunities for jobs, training, and investment into the area.

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