Nova Innovation, an Edinburgh-based tidal energy developer, has received funding through the latest round of Horizon 2020 SME Instrument.
Nova Innovation has been granted funding for the Direct Drive Tidal Turbine (D2T2) Accelerator project to further develop its tidal technology in the Phase 2 of the SME Instrument.
The Edinburgh-based developer has already received funding as part of the first phase of the SME Instrument to conduct feasibility studies for an innovative direct drive tidal turbine.
The first phase of the SME Instrument was focused on feasibility studies, while the second phase revolves around innovation activities and business plans delivery.
Each project selected in this round will receive between €0.5 and €2.5 million to bring their product from pilot-phase to the market.
Out of the €86 million total, €77.7 million will be given to 58 highly innovative SMEs, and 48 projects in total, from 16 countries under Phase 2 of the scheme – in which small and medium-sized enterprises (SMEs) will further develop their submitted proposal in Phase 1 of the scheme through innovation activities.
This latest round brings the total number of companies funded by the SME Instrument so far to 2116, with more than €694,8 million in EU grants, EC informed.