Business

Verlume, Aberdeen battery pioneer, secures £2.5m of funding

ABERDEEN-BASED Verlume, a manufacturer of battery technologies aimed at helping energy companies reduce their carbon footprint, has received a £2.5 million investment to support its international development.

The funding round was led by Edinburgh venture capital firm Par Equity. Existing investors Orchard Venture Capital and Scottish Enterprise also participated in the funding round. Taxpayer-funded Scottish Enterprise has invested in Verlume since 2016.

READ MORE: Brexit: So will Johnson act to avoid ‘further unnecessary pain’?: Ian McConnell

Verlume, formerly known as EC-OG, offers products and services across the underwater, offshore and onshore sectors aimed at helping clients to reduce their carbon footprints and decarbonise operations.

The firm’s flagship product is a scalable, modular battery energy storage system. This product, which has integrated intelligent energy management, is named “Halo”. It is described by Verlume as “an easily installable, autonomous power source that can integrate with renewable energy systems to create a zero-emission power system at a fraction of the cost of traditional methods of power delivery”.

READ MORE: Brexit: Ian McConnell: A year on, we’re all reaping what the Brexiters sowed

Verlume already serves a global customer base. It is supplying the first commercial Halo battery system as part of a “world-first” sea trial off the coast of Hawaii, where it is part of a wave energy project for the C-Power SeaRAY autonomous offshore power system.

Richard Knox, founder and managing director of Verlume, said: “As society continues to transition to cleaner energy systems, we have been experiencing greater demand for our decarbonisation solutions.”

Kerry Sharp, at Scottish Enterprise, said: “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. More and more, 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.”

Paul Munn, managing partner of Par Equity, said: “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.”

Previous ArticleNext Article

Leave a Reply

Your email address will not be published.