£6.6m awarded to clean energy pioneer, Verlume I Scottish National Investment Bank

Mission Impacts

The investment will see Verlume boost their expansion plans. Their technology uses intelligent energy management to deliver a constant output of power from renewable sources. This enables the adoption of renewable technology within offshore oil and gas decarbonisation projects and minimises energy loss from electricity generated from offshore wind.

About Verlume

Verlume is a leader in intelligent energy management and storage technologies for the energy industry.

Front-runners in energy transition for nearly a decade, they provide a suite of products based on core technologies of intelligent energy management and storage. Their technologies can be utilised across multiple applications in the underwater, offshore and onshore sectors.

“The North Sea has the potential to become Europe’s biggest green power plant and technologies like those produced by Verlume are an integral part of realising that ambition. Our investment will help scale up their operation and further demonstrates the Bank’s commitment to growing the offshore wind supply chain across Scotland.”

Eddie McAvinchey

Executive Director, Net Zero, Scottish National Investment Bank

Key Information

Key Mission

Net Zero

Amount Invested

£6.6m

Location

Aberdeen

Key Quotes

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.”

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.”

Verlume