Innovatium completes £900,000 funding round
Innovatium, a Glasgow-based technology business focused on reducing the carbon impact of industrial processes, has secured over £900,000 of new investment to enhance its new liquid air battery technology.
Led by the investment syndicate Kelvin Capital, alongside co-investment partners Scottish Enterprise, the funding round will support the continued development of Innovatium’s ground-breaking Liquid Air Energy Storage System called the PRISMA Air Battery. The funding will also be used to scale the already experienced team to assist in the build of productionised units for identified clients.
The new technology, PRISMA, is a type of bolt-on Compressed Air System that combines energy storage and compressed air, providing users significant energy savings and hours of backup energy storage. PRISMA reduces energy costs and carbon emissions by using its storage to end reliance on inefficient partly loaded air compressors. Customers can also expect a 2-year return on investment upon installation of a PRISMA system.
PRISMA has the potential to deliver significant benefits to industrial clients across a wide range of industries from Pharmaceuticals, Food and Drink, Plastics, to Aggregates, Glass, and Automotive. In fact, the system can be deployed in any industrial setting that consumes compressed air which in the UK, accounts for 10% of all industrial energy usage.
In addition, 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. This will facilitate greater penetration of renewables by providing a service that will reduce grid constraints and curtailments. It is substantially more economical than current offerings.
Simon Branch, CEO at Innovatium, said: “Kelvin Capital and Scottish Enterprise are the ideal investment partners for the commercialisation of our proven Liquid Air Battery technology. 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.”
The Kelvin Capital syndicate, led by directors John McNicol and Angus Hay, represents over 300 private investors in the UK, Europe and the USA.
John McNicol, director at Kelvin Capital, added: “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. 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, commented: “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.”