The Bank’s approach to investment is unique within the Scottish investment ecosystem. As a mission-led impact investor, our investment decisions go beyond just commercial returns. Every pound we invest needs to deliver social, environmental, and economic benefits across Scotland through businesses and projects that work in support of our three core missions.
In April 2023, the Bank invested £6.6 million in Verlume, a company based in Aberdeen that develops advanced underwater energy management and storage technologies. Since its establishment in 2013, Verlume has been at the forefront of developing scalable energy solutions to decarbonize the offshore energy sector.
Verlume’s key products include the ‘Halo’ energy storage system, a subsea battery that can withstand harsh marine conditions and manage renewable energy sources. Paired with the ‘Axonn’ intelligent energy management solution, Halo provides reliable, uninterrupted power to underwater infrastructure, crucial for powering subsea robotics and providing clean energy to offshore infrastructure.
Scotland's North-East is becoming a key player in the global energy transition, and Verlume’s technology is essential for this transformation. Their technologies make renewable energy more stable and reliable by addressing its intermittent nature.
Richard Knox, CEO of Verlume, highlights the impact of the investment: “The investment from the Scottish National Investment Bank into Verlume was significant for our business, in particular for growing our team, our technology and operational capabilities to undertake significantly larger projects. Our mission is to deliver clean energy to challenging locations, to make things possible today that were impossible yesterday. So, as part of the energy transition, Verlume is playing a significant part in providing the enabling technology to allow the offshore energy environment to become a place where operations are more efficient, integrated and clean.”
Our investment in Verlume isn’t just about advancing technology; it’s about supporting local communities as well. Verlume’s growth has created opportunities for people from diverse STEM backgrounds, including those transitioning from oil and gas sectors, ensuring that local talent is retained and retrained. This contributes to a fair and just energy transition, which is central to our mission.
With our support, Verlume is set to expand, innovate, and lead the charge in creating resilient, clean, and integrated energy systems. Their work is a significant leap in the global shift to sustainable energy, and we couldn’t be more excited to be part of this journey.