Scottish energy storage technology company Verlume has secured a total of Â£7.2million in fund its expansion.
Verlumeâ€™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 Â£6.6million of the funding. An additional Â£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.