Investment from bank
Angel funds back subsea firm’s battery technology
EC-OG battery system
Subsea clean energy specialist EC-OG has received £1.6m to develop its battery technology from a fund launched by the British Business Bank.
The investment will create up to 40 jobs in Aberdeen over the next 12 months and is the first slug of funding from the bank’s allocation of £15m to partner firm, Edinburgh-based Par Equity.
The fund is part of a £75m Regional Angel Programme which is targeting some of the fastest growing technology companies across the North of England, Scotland and Northern Ireland and is designed to provide early stage capital to smaller businesses with high growth potential.
Par Equity joined existing investors, Orchard Venture Capital and Scottish Investment Bank in supporting EC-OG.
Simmons Energy, a division of Piper Sandler, acted as corporate finance adviser to EC-OG and will continue to support the company.
Catherine Lewis La Torre, CEO of British Business Investments, said: “Angel investors play a vital role in the economy, bringing patient capital, business experience and skills to support the growth of smaller businesses.
“Our Regional Angels Programme is designed to address regional imbalances in the availability of angel finance by increasing the capital available to smaller, high growth potential, businesses through angel networks,” comments