Glasgow-based renewable energy startup, Nova Power, has secured £3 million in funding to expand its operations. The investment was led by Par Equity, a venture capital firm that focuses on supporting high-potential startups in the UK.
Nova Power, which was founded in 2020 by CEO Simon Grey, is dedicated to promoting clean energy solutions. The company has developed innovative energy storage systems that utilize cutting-edge battery technology. Their flagship product, the Nova Power Station, is a modular energy storage solution that can be customized to meet the needs of a wide range of customers, from small businesses to large-scale industrial facilities.
The £3 million investment will enable Nova Power to expand its manufacturing capabilities and increase its sales and marketing efforts. The company plans to use the funds to hire additional staff and invest in research and development.
Simon Grey, CEO of Nova Power, commented on the investment: “We are thrilled to have the support of Par Equity as we continue to grow our business. This investment will allow us to accelerate our plans to bring our innovative energy storage solutions to more customers in the UK and beyond.”
The renewable energy industry has seen significant growth in recent years, with more and more businesses and individuals looking for sustainable alternatives to traditional energy sources. Nova Power’s innovative approach to energy storage is well-positioned to capitalize on this trend, and the £3 million investment is a testament to the potential of their technology.
In conclusion, the £3 million funding secured by Nova Power is a significant milestone for the Glasgow-based renewable energy startup. With plans to expand its operations and increase its sales and marketing efforts, the company is poised to make a significant impact in the renewable energy industry.