Storage tech company Verlume secures £7.2m from investors

April 25, 2023

Scottish energy storage technology company Verlume has secured a total of £7.2million in fund its expansion.

Verlume’s flagship product Halo is a subsea battery storage system which stores power generated from intermittent renewable energy sources like wind power.

Verlume has identified offshore wind as a significant opportunity for growth.

The Scottish National Investment Bank provided £6.6million of the funding. An additional £600,000 was raised via an offer to existing Verlume investors to boost their equity stake – this was managed by Edinburgh-based venture capital firm Par Equity.