Clean technology company, Innovatium Group, has secured £3 million from the Scottish National Investment Bank and Hitachi Industrial Equipment Solutions (HIES) to accelerate its energy storage solution.
PRISMA is being promoted as a solution to intermittent and fluctuating supply issues, particularly among energy-intensive businesses. It is regarded as a more environmentally-friendly alternative to current mainstream lithium-ion batteries.
The investment will enable Innovatium to scale production, fast-track the commercial rollout of the PRISMA system, and will create 30 jobs in Scotland over the next four years.
It is the first investment HIES has made in a Scottish company. In addition, HIES will supply core compressor components for PRISMA and open international opportunities for Innovatium through its Hitachi Global Air Power and HIES Europe divisions.
Brian Jack, CEO of Innovatium Group, said: “We’ve entered a new and very exciting growth phase.
“We have never been better-placed to deliver solutions to support the energy transition.”?
Ailsa Young, investment director at the Scottish National Investment Bank, said: “Innovatium’s novel, patented technology is highly scalable and has the potential to significantly reduce industrial carbon emissions across a range of energy-intensive industries, including data centres where the rapid acceleration of AI has caused environmental concern.
“As an impact investor, we were attracted to Innovatium’s potential to be a driver of Scotland’s net-zero economy, and we are pleased to be investing alongside Hitachi Industrial Equipment Systems, which will also be supporting the commercial rollout of PRISMA.”
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