Scottish National Investment Bank backs Verlume with £6.6m for offshore wind growth
Clean energy company Verlume has secured £7.2 million in funding, with £6.6m provided by the Scottish National Investment Bank, to support its expansion plans.
The Aberdeen-based firm specialises in intelligent energy management technology that enables a constant power output from renewable sources. Verlume’s technology is particularly applicable to offshore oil and gas decarbonisation projects and helps minimise energy loss from offshore wind-generated electricity.
In addition to the £6.6 million from the Scottish National Investment Bank, Verlume raised £600,000 via an offer to existing investors, managed by Edinburgh-based venture capital firm Par Equity.
The company’s flagship product, Halo, is a multi-use subsea battery storage system designed to store power generated from intermittent renewable energy sources like wind. The energy storage and management technology significantly increases production efficiency by storing power and releasing it when needed.
Richard Knox, chief executive officer of Verlume, said: “This is an enormous step forward as it will provide the funds necessary to execute significantly larger projects, which will in turn, grow the strength and diversity of our team.
“In the year that we are celebrating ten years in business, the support from the Scottish National Investment Bank will allow us to continue to invest in our people, our technology and operational capabilities to deliver on our vision of being a global company at the forefront of the energy transition.”
Verlume has identified offshore wind as a significant opportunity for growth.
As well as being able to increase overall energy output, Halo’s battery technology can also be used as a charging point for servicing vessels, sensor equipment and autonomous subsea vehicles to help further reduce carbon emissions associated with servicing and maintaining fixed and offshore floating wind farms.
Robin Tayal, investment director at the Scottish National Investment Bank, said: “Verlume has been at the forefront of energy transition since the company’s inception in 2013. The Bank’s backing will allow them to scale-up and further transfer its considerable skills within the subsea sector into marine renewable energy.
“The investment further demonstrates our belief that the North East of Scotland can become a global power house in energy transition.
“Verlume will now be able to grow, attract new talent and play a crucial role in the Scottish, UK and international offshore wind supply chain.”
Mr Knox added: “Thank you to the Scottish National Investment Bank, and to our existing investors, Par Equity, Orchard Venture Capital and Scottish Enterprise for their continued backing and support.
“I must also thank our local Aberdeen legal advisors, Stronachs, for their steadfast, expert legal advice in helping us close this round.”