£ 2.5 million powered underwater battery storage company


A specialist in smart energy management and storage technologies received £ 2.5 million in growth funding.

Verlume, based in Aberdeen, serves the underwater, offshore and onshore industries, helping clients reduce their carbon footprint and decarbonise their operations.

Its flagship product, Halo, is a scalable and modular battery-powered energy storage system with integrated intelligent energy management.

Par Equity, an Edinburgh-based venture capital firm, led a consortium of investors including existing lenders Orchard Venture Capital and Scottish Enterprise.

Formerly known as EC-OG, the company already has a global customer base: it is providing the first commercial Halo battery system as part of a sea trial off the coast of Hawaii, where it is part of an energy project of the wave motion for the C- Power SeaRAY autonomous offshore power system.

Richard Knox, MD and founder of Verlume, said, “As the company continues to move towards cleaner energy systems, we have seen increased demand for our decarbonisation solutions. This request was reflected in our most recent funding round, with over-subscriptions.

“Thanks to Par Equity and our existing investors Orchard Venture Capital and Scottish Enterprise for their invaluable support during this process.

“The investment, coupled with our recent rebranding, will allow us to take advantage of the growing opportunities in the energy transition and grow the business at a rapid pace.”

£ 2.5 million powered underwater battery storage company

Source link £ 2.5 million powered underwater battery storage company

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