A GLASGOW-based business aiming to cut the carbon footprint of factories has hailed significant backing to forward its technology and boost its workforce.
Innovatium, which is focused on reducing the carbon impact of industrial processes, has secured over £900,000 of new investment to enhance its liquid air battery technology.
The funding round was led by the investment syndicate Kelvin Capital alongside investment partners Scottish Enterprise, and it will support the ongoing development of Innovatium’s ground-breaking liquid air energy storage system, called the PRISMA Air Battery, as well as bolster staff.
The technology is described by Innovatium as a type of bolt-on compressed air system that combines energy storage and compressed air, providing users significant energy savings and hours of back-up energystorage.
Innovatium said PRISMA reduces energy costs and carbon emissions and it also claimed customers can expect a two year return on investment upon installation of a PRISMA system.
The firm said PRISMA has the potential to deliver significant benefits to industrial clients across a wide range of industries including pharmaceuticals, food and drink, plastics, to aggregates, glass, and automotive.
It is claimed the system can also be applied to the wider industrial energy storage complex by allowing energy demand to be shifted in-line with grid supply, which would "facilitate greater penetration of renewables by providing a service that will reduce grid constraints and curtailments".
It is said to be “substantially more economical” than current offerings.
Simon Branch, Innovatium chief executive, said Kelvin Capital and Scottish Enterprise were ideal partners. “The synergies brought from the Scottish manufacturing and technology space will enhance the value delivered to our clients in this exciting new phase of company growth,” said Mr Branch.
The Kelvin Capital syndicate, led by directors John McNicol and Angus Hay, represents private investors in the UK, Europe and the USA.
It is a Scottish-based, private investment syndicate, with over 300 UK wide angel investors and a diverse portfolio of 22 investee companies having made investments of over £80 million to date.
Mr McNicol is part of a team that has an extensive knowledge of the early-stage investment market and over 40 years experience internally.
“Clean technology has been at the forefront of the private equity sector for a number of years now, exacerbated further by 2021’s COP26 events in Glasgow,” Mr McNicol said. “We are delighted to support companies whose innovative technology empowers a more sustainable way of working across all industries and the Innovatium team have a track record of success in designing and building new technologies in the industrial sector.”
Kerry Sharp, director of growth investments at Scottish Enterprise, said: “The technology being developed by Innovatium will play a hugely important role in Scotland’s drive towards a net zero carbon emissions economy and Scottish Enterprise is excited to be a part of the company’s journey.
“It is fantastic to see a Scottish company innovating in this field, which has really positive implications for our economy and our environment.”
As well as its base in Glasgow, Innovatium also has design office in Oxfordshire.
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