General – Funding
Aberdeen-based clean energy firm Verlume has secured £7.2 million in funding — including £6.6 million from the Scottish National Investment Bank — to boost its expansion plans.
The investment bank said Verlume’s 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.
The investment bank said Verlume’s flagship product Halo is a multi-use subsea battery storage system which reserves power generated from intermittent renewable energy sources like wind power.
The energy storage and management technology significantly increases production efficiency by storing power and releasing it when required.
Verlume CEO Richard Knox 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.”