SCOTTISH ENERGY TECH FIRM SEES £2.5 MILLION FUNDING

Energy management and storage technology firm Verlume has received £2.5 million to help accelerate its growth plans.

The investment was led by Par Equity and joined by existing investors Orchard Venture Capital and Scottish Enterprise.

Aberdeen-based Verlume offers a range of products and services across the underwater, offshore and onshore sectors, helping clients to decarbonise operations. Its product, Halo, is a modular battery energy storage system.

The company was previously known as EC-OG and its new branding will underpin the new business development strategy.

It company already supplies a global customer base and is currently involved in a project in the US, with sea trials off the coast of Hawaii, providing an autonomous offshore power system for wave power.

Richard Knox, managing director and founder of Verlume, said: “As society continues to transition to cleaner energy systems, we have been experiencing greater demand for our decarbonisation solutions – this demand was reflected in our most recent funding round, with it being oversubscribed.

This investment, alongside our recent rebrand, will allow us to capitalise on the growing opportunities within the energy transition and grow the business at pace.”

Kerry Sharp, director of growth investments at Scottish Enterprise, added: “It is great to see the continued growth of Verlume – a company we’ve invested in since 2016 – as it now enters this new chapter.

The finance community is recognising the collective responsibility we all have to maximise the wider impact of our investments, supporting technologies that are sustainable and will help us on the journey to net zero.”