Verlume secures £7.2m from the Scottish National Investment Bank and existing backers to scale operations.
The funding round was led by the Scottish National Investment Bank alongside participation from Par Equity, 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 £7.2m in new funding to scale its operations and execute larger projects in the marine renewable energy sector. The Scottish National Investment Bank provided £6.6m of the total financing, while an additional £600k was raised from existing backers via an equity offer managed by Par Equity.
The capital will enable the Aberdeen-based firm to expand its team and further develop its subsea battery storage technology, which addresses intermittency issues in offshore wind and supports decarbonisation across oil and gas operations. Verlume marks its tenth year in business with this transaction, positioning itself for broader international growth within the energy transition supply chain.
From the founder
"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."
Richard Knox
Chief Executive Officer at Verlume
Investor perspective
"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."
Robin Tayal
Investment Director, Scottish National Investment Bank
Use of funds
- 01Grow the team
- 02Scale operations
- 03Fund research and development
