Welcome to the May 2025 edition of the DIGIT Deal Roundup.

Cleantech took centre stage last month, with funding flowing to the UK’s only female-led wave energy firm in Aberdeen, fresh backing for a Livingston-based outfit tackling the scourge of plastic waste, and millions committed to power Scottish hydrogen projects, as well as the launch of a major new initiative to finance Scotland’s net zero future.

Meanwhile, May also saw a £200 million pledge to help Scottish scaleups grow, as well as a nine-figure deal for energy behemoth ScottishPower.

Read on to find out what’s been happening!

Funding

Aberdeen-based ZOEX Secures £531K to Scale Wave Energy Tech

Aberdeen-based ZOEX, the UK’s only female-founded wave energy company, has secured £531,000 in new funding to advance its clean energy technology toward commercial deployment.

Backed by Equity Gap, Scottish Enterprise, and others, the company is preparing for a year-long sea trial of its 100kW full-scale prototype in Turkey ahead of commercial rollout for its clean energy tech.

The private investment also unlocks a further £196,000 from Innovate UK, enabling ZOEX to accelerate development of its patented wave energy converter system.

Backed by Glasgow-based marine engineering specialists Malin Group and Applied Renewables Research Ltd, ZOEX was founded by award-winning entrepreneur Ash Penley to help decarbonise the blue economy by replacing diesel generators with clean, scalable wave power.

“This investment is a huge step forward for ZOEX and for women in marine energy,” said Penley. “We’re grateful for the latest backing from Equity Gap, Scottish Enterprise and The University of Strathclyde, who share our vision for a cleaner, more resilient energy future.”

Read more here.

Scots Aquaculture Tech Firm Nets £10 Million in Fresh Funding

Scottish aquaculture tech company Ace Aquatec has announced the successful closing of its latest investment round, where £10 million was secured.

The oversubscribed round was led by Stolt Ventures, with participation from Scottish Enterprise and Aqua-Spark, with the Dundee-headquartered firm winning £7.5m in equity funding, plus an additional £2.5m debt facility, which has been made to support the creation of 15 jobs at the firm’s offices in Dundee, Glasgow, and Chile.

These new roles will focus on the continued development of AI and its role alongside advanced sensors, cameras, and machine learning algorithms which can offer real-time insights that optimise welfare from cage operations through to harvest.

“Having the backing of Stolt Ventures represents a pivotal moment in Ace Aquatec’s mission to revolutionise the aquaculture industry through welfare-first innovation, while providing vital employment opportunities,” said Nathan Pyne-Carter, CEO of Ace Aquatec.

“This investment, alongside Scotland’s national development agency Scottish Enterprise, will ensure strong local support for the team which has drive, innovation and ambition to be a global player.”

Read more here.

Scots Firm Wins Funding For Tech Tackling Plastic Waste

Livingston-based ReVentas’, a Scottish startup innovating in plastic dissolution recycling, has secured fresh funding to allow it to scale its plastic recycling technology from pilot plant to commercial operation over the next three years.

The Series A raise included funding from Orlen VC, Beiersdorf Venture Capital and Scottish Enterprise, which will now join LG Chem as strategic partners of ReVentas to support the scale-up of the firm’s technology.

ReVentas process is designed to recycle the most common plastics in use today, with the end result a natural ‘like-new’ plastic that can replace virgin plastic for end customers.

With the funding secured, ReVentas plans to accelerate the development of its first commercial 10,000 tonne per annum plant, planned for operation in 2027, with an additional 140,000 tonnes planned to be brought online by 2031.

“This investment marks a major milestone for ReVentas and in moving the recycling of plastic forward,” said Tom Rose, CEO of ReVentas.

“ReVentas are providing a simple solution which can change this, ensuring the waste we produce today, can and will be directly used in the products we buy tomorrow.”

Read more here.

Scottish AI-powered Solution for GPs Receives £250k Boost

Glasgow-based GeneralPractice.AI has secured £250,000 in fresh investment in an agreement led by Deepbridge Capital, known for its investments across the technology and life sciences sectors.

Founded by GP Dr Angus Perry, the tech firm aims to help clinicians use AI not just to manage disease, but to prevent it, utilising a suite of over 50 applications including tools for tailored practice management, and the transcription of rapid, accurate consultation notes.

The platform also offers patients a ‘My Lifestyle Hub’, a personalised app providing lifestyle advice, connecting them to community resources, and engaging them in their own healthcare journey “long before crisis point”.

Launched in 2023 after Dr Perry enrolled onto the NHS Clinical Entrepreneur Programme’s Scottish cohort, the fresh funding will allow GeneralPractice.AI to leverage emerging technologies to help transform healthcare and realise better patient outcomes.

“It’s truly remarkable how the programme has fostered a supportive culture and ecosystem, where individuals consistently go above and beyond to help one another,” said Dr Perry.

“Personally, I am grateful for the in-person, virtual and local sessions, which have provided me with insights into various aspects of running a business and being an effective leader.”

Scottish Hydrogen Projects Get £3.4M Boost

Eleven hydrogen projects designed to accelerate Scotland’s hydrogen economy will benefit from a share of £3.4 million in Scottish Government funding as the country pushes forward with its hydrogen strategy.

Among the initiatives awarded funding is the Sustainable Fuels Orkney project, led by the European Marine Energy Centre, which won £375,000, and the Protium Green Solution’s Lanark Hydrogen Island scheme, with £450,619 in funding.

Of the £3.4 million in total funding, more than £1.5 million is being allocated to projects run by Green Cat Hydrogen and Storegga, with the Government saying that the investment will help develop green hydrogen production, improve the hydrogen supply chain, and enhance hydrogen transport and storage infrastructure.

News of the new funding followed a debate in the Scottish Parliament regarding the country’s hydrogen future, with acting net zero secretary Gillian Martin telling MSPs that no community would be left behind in the move away from fossil fuels towards a low-carbon energy system.

Read more here.

Glasgow Charities Win New Funding to Boost Digital Inclusion

Over half a million pounds is being awarded to grassroots charities across Glasgow and the surrounding area to help close the digital divide and expand access to affordable data and broadband.

The funding comes from the latest round of the Building Digital Skills Fund, a joint initiative from the HFD Charitable Foundation and the Virgin Money Foundation, which aims to boost digital inclusion across communities most in need.

In this latest round of funding, six charities and community groups working to reduce digital exclusion in the city will share £545,000 to help build digital skills and confidence, and provide essential equipment such as mobile Wi-Fi devices.

“Receiving this support means we can continue to take a holistic approach to digital inclusion, tailored to the needs of our local community,” said Dani Waddell, charity manager at Crossroads Youth and Community Association

“We know digital exclusion is complex – simply providing data and devices isn’t enough to bridge the divide. That’s why we’ll be working with the Gorbals community to build confidence, skills, and capacity to use digital technologies in ways that enrich their lives.”

Read more here.

£4M Boost for Scottish Clean Energy Projects

Communities in Scotland can now apply for new funding from a £4 million Great British Energy Scheme.

The funding targets local clean energy projects – from community-led onshore wind, to solar on rooftops and hydropower in rivers – with the potential to generate profits that could be reinvested into community projects, or take money off of people’s bills.

Great British Energy, the UK government’s publicly-owned clean power company, is attempting to give communities a larger stake in generating their own energy as part of its £8 million Community Energy Generation Growth Fund.

“This is our clean energy superpower mission in action – putting communities in the driving seat of energy generation and making sure people profit,” minister for energy Michael Shanks said.

“Great British Energy wants to kickstart a community energy revolution, empowering our towns and villages to become mini energy producers and reinvest profits back into the local community.”

Read more here.

Scots Charity Given £50k from LEZ Fines to ‘Breathe Life’ into Discarded Tech

Glasgow charity Plugged In, a digital inclusion enterprise that upcycles donated devices for re-use, has received a £50,000 boost from the Low Emission Zone Community Support Fund to help renovate old tech for the Glasgow’s most in need communities.

The funding, which comes from fines handed out to high-polluting vehicles entering the city centre, will allow the charity to ensure all donated technology items are thoroughly checked and cleaned, safety tested, data wiped and kitted out with new software before going to a new home.

Over the past five years, Plugged In has provided 2,000 devices to people who need them, and diverted 22 tonnes of re-usable equipment from landfill.

Councillor Angus Millar, City Convener for Climate, said: “The £50,000 grant will enable Plugged In to continue its vital work, which breathes new life into discarded technology.

“By rescuing devices from landfill, this inspiring recycling initiative empowers members of the local community and promotes digital inclusion.”

Investments

Edinburgh’s Higgs Centre Startups Celebrate £25M in Investment

Scottish startups based at the Higgs Centre for Innovation in Edinburgh have celebrated securing over £25 million in funding since the business incubation centre opened in 2018, creating over 150 jobs.

Over the last seven years, the Higgs Centre said it has incubated twenty-eight companies, with ten currently in residence, and boasts a 93% survival rate, with twenty-six incubated firms remaining active.

According to the Higgs Centre, which is based at the Royal Observatory  in Edinburgh, economic analysis shows that each company generates an average GVA of £498,000 per annum, resulting in a total economic impact of £13 million per year from these active businesses.

Startups based at the Higgs Centre have experienced a rapid increase in funding over the past two years, securing £15 million in investment and creating 50 jobs since April 2023.

“It’s fulfilling to see the tremendous efforts of our early-stage companies being justly rewarded with patient capital, allowing them to create further opportunities as they grow,” said Ruairidh Henderson, startup incubation manager at the Higgs Centre.

Read more here.

BGF Pledges £200M for Scottish Scale-ups

Investment firm BGF has pledged £200 million to Scottish businesses as part of a £3 billion UK-wide commitment to support high-potential companies over the next five years.

The new capital will be deployed across sectors to accelerate economic growth and support entrepreneurs in Scotland, with the company adopting a ‘regional-first’ approach, which it claims is designed to address disparities in access to capital across the UK.

This latest investment builds on the £391 million BGF has already invested in Scotland since 2011, which includes the likes of £15 million in funding for Aberdeen-based Sulmara, as well an £8 million investment in Edinburgh luxury brand Strathberry.

“Scotland has long been recognised for its innovation and entrepreneurial energy,” said Paddy Graham, regional partner for Scotland and Northern Ireland at BGF.

“Our new £200 million commitment builds on a strong foundation and is focused on unlocking even more opportunities for Scottish scale-ups to thrive.”

Read more here.

Clyde Gateway Unveils £500M Innovation District Plans

Clyde Gateway has unveiled plans for its latest initiative – the £500m Clyde Gateway Innovation scheme, which will see up to one million square feet of flexible business and lab-enabled workspace, innovation labs, hotel and residential developments integrated with green infrastructure and existing low-carbon heat networks along the River Clyde corridor.

Spanning more than 100 hectares across Glasgow’s east end and South Lanarkshire – an area equivalent to over 130 football pitches – the development aims to deliver a vibrant, mixed-use ecosystem to attract inward investment and support the growth of high-value sectors such as high value manufacturing (HVM), R&D, life sciences, healthtech and more.

Among the flagship projects being brought forward are Dalmarnock Riverside, a new riverside development featuring almost 80,000 sq ft of lab-enabled office space, and Innovation Central, located next to the Clyde and offering modern workspace and shared event facilities.

“With a focus on high-growth sectors like advanced manufacturing, life sciences and clean energy, this masterplan reflects our ambition to create a place where innovation and community go hand in hand,” said Martin McKay, chief executive of Clyde Gateway.

Read more here.

Scottish Net Zero Financing Initiative Launched to Unlock Investment

A new Scottish green finance initiative is underway, aiming to activate £40bn a year in investment for green energy projects across the nation.

Transition Finance Scotland (TFS) in partnership with Green Finance Institute (GFI) is set to move capital funding into decarbonisation industries, with forty Scottish organisations across the private and public sector set to join together under the scheme to expand investment into net zero projects.

The initiative will centre its efforts on forming sector coalitions and partnerships, scoping investible projects, and finding funding gaps to usher in more investment into Scotland’s net zero transition.

Transition Finance Scotland will be officially launched on 19th June in Edinburgh, lead by its chair Graeme Jones, the former chief executive of Scottish Financial Enterprise.

“The scale of the challenge is significant, but so is the opportunity – not only to help accelerate the energy transition, but also to create jobs and economic growth across Scotland,”said Jones.

Read more here.

Deals

ScottishPower Smart Meter Assets Sold in €1bn Deal

ScottishPower Smart Meter Assets’ parent company, Spanish energy company Iberdrola, has agreed to sell the smart metering subsidiary to Australian financial services group Macquarie for approximately €1.06 billion (£900 million).

The deal, subject to approval by the UK’s Competition and Markets Authority, is expected to close in the third quarter of 2025.

Established in 2017 ScottishPower Smart Meter Assets oversees around 2.7 million smart meters across Great Britain.

The deal follows Iberdrola’s recent acquisition of an 88% stake in Electricity North West (ENW) for approximately €5 billion, making Iberdrola the second-largest electricity network operator in the UK.

Read more here.