Innovatium completes £900K funding round to support continued development of PRISMA
Innovatium has secured over £900,000 of new investment following completion of a funding round.
Innovatium to accelerate roll out of Liquid Air Battery – PRISMA
Kelvin Capital expands Clean Tech portfolio by leading investment round alongside Scottish Enterprise
Led by the investment syndicate Kelvin Capital, alongside co-investment partners Scottish Enterprise, the funding round will support the continued development of our ground-breaking Liquid Air Energy Storage System called the PRISMA Liquid Air Battery. The funding will also be used to scale our already experienced team to assist in the build of productionised units for identified clients.
Our new technology, PRISMA, is a type of packaged Compressed Air System that combines energy storage and compressed air, providing users with up to 60% energy savings and hours of back-up energy storage. PRISMA reduces energy costs and carbon emissions by using its storage to remove inefficient partly loaded air compressors. Customers can also expect a two year return on investment upon installation of a PRISMA system.
Furthermore, PRISMA can be applied to the wider industrial energy storage complex by allowing energy demand to be shifted in-line with grid demand by an excess or shortage of solar and wind generation. This will facilitate greater penetration of renewables by providing a service that will reduce grid constraints and curtailments substantially more economically than current offerings.
The Kelvin Capital syndicate, led by Directors John McNicol and Angus Hay, represents over 300 private investors in the UK, Europe and the USA.
Angus Hay/John McNicol, Director at Kelvin Capital said: “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.”
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.”
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.”
Kelvin Capital Ltd (Lead Investor) is a Scottish based, private investment fund with over 300 angel investors and a diverse portfolio of 21 investee companies having made investments of over £78 million to date.
Scottish Enterprise is Scotland’s national economic development agency and a non-departmental public body of the Scottish Government. SE’s activities support Scotland’s SME funding market to ensure businesses with growth and export potential have adequate access to growth capital and loan funding.