SNIB funding supports expansion at Verlume
Expansion: Robin Tayal and Richard Knox
Energy management firm Verlume will expand its operations after securing £7.2 million in a funding round led by the Scottish National Investment Bank.
The Aberdeen-based company’s technology helps clients minimise energy loss from electricity generated from offshore wind. Its flagship product Halo is a subsea battery storage system, which releases power as it is required.
Richard Knox, chief executive at 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.
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.
“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.”
In addition to £6.6million from the bank, £600,000 was raised via an offer to existing Verlume investors to boost their equity stake. This was managed by Edinburgh-based venture capital firm, Par Equity.
Orchard Venture Capital and Scottish Enterprise are also supporting the firm. Legal advice for the deal was provided by Aberdeen practice Stronachs.