An intelligent energy management and storage technologies specialist has received £2.5 million in growth funding.
Aberdeen-based Verlume serves the underwater, offshore and onshore sectors, helping clients to reduce their carbon footprint and decarbonise operations.
Its flagship product, Halo, is a scalable, modular battery energy storage system with integrated intelligent energy management.
Par Equity, a venture capital firm based in Edinburgh, led a consortium of investors including existing backers Orchard Venture Capital and Scottish Enterprise.
Previously known as EC-OG, the company already has a global customer base: it is supplying the first commercial Halo battery system as part of a 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, MD and founder of Verlume, said: “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.
“Thank you to Par Equity and our existing investors Orchard Venture Capital and Scottish Enterprise for their invaluable support during this process.
“The investment, alongside our recent rebrand, will allow us to capitalise on the growing opportunities within the energy transition and grow the business at pace.”