Verlume secures £2.5m in growth private equity investment led by Par Equity
The oversubscribed funding round was led by Par Equity with participation from Orchard Venture Capital and Scottish Enterprise.
Verlume develops subsea battery storage and intelligent energy management systems designed to support renewable integration and offshore decarbonisation. Its technology captures and stores power from intermittent sources like offshore wind to improve operational efficiency.
Verlume has secured £2.5m in a growth private equity investment round led by Par Equity. The funding will support the intelligent energy management specialist as it accelerates its expansion plans and capitalises on opportunities within the energy transition.
The Edinburgh based venture capital firm was joined in the oversubscribed round by existing backers Orchard Venture Capital and Scottish Enterprise. Verlume previously operated under the name EC-OG before undertaking a rebrand to support its ongoing business development strategy.
The company serves a global customer base with its scalable battery energy storage system, Halo. The technology integrates with renewable energy sources to deliver autonomous power, including deployment in an ongoing wave energy project off the coast of Hawaii.
From the founder
"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."
Richard Knox
Chief Executive Officer at Verlume
Investor perspective
"Par Equity specialises in identifying exciting, transformational technology companies with the potential for high growth. Two years ago, we were able to kick-start Verlume’s growth journey. Since then, we have further developed our capability to lead and coordinate investment consortia and I am delighted that our support will help them achieve the next stage in their expansion plans"
Paul Munn
Managing Partner, Par Equity
Use of funds
- 01Expand into international markets
