Scottish renewable energy tech company Innovatium has secured over £900,000 in funding to enhance its pioneering new liquid air battery technology.

Led by Kelvin Capital alongside Scottish Enterprise, the investment round will support the continued development of the company’s Liquid Air Energy Storage System, known as the ‘PRISMA Air Battery’.

The investment will also be used to scale the Innovatium team to assist in the build of productionised units for clients.

Commenting on the funding round, Innovatium CEO Simon Branch 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.”

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.”

Founded in 2017 by co-partners Simon Branch and Dr Adrian Alford, Innovatium has offices in Glasgow and Oxfordshire.

The firm’s flagship 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 back-up energy storage.

According to Innovatium, PRISMA reduces energy costs and carbon emissions by using its storage to end reliance on inefficient partly loaded air compressors.

Long-term, the technology has the potential to deliver significant benefits to industrial clients across a wide range of industries, from pharmaceuticals to food and drink and automotive.

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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.”

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