Scottish Investment Bank

The Scottish Investment Bank is a public body supporting economic growth in Scotland. It facilitates finance for small to medium-sized businesses, focusing on sectors such as renewable energy, technology, life sciences, and creative industries. The bank works closely with portfolio companies to strengthen management teams and accelerate growth.

Reuben Aitken

Managing Director, International Operations

Rhona Allison

Managing Director, Business Growth

Susan Armes

Senior Investment Manager

Victoria Carmichael

Commercial Director

Steve Dunlop

Chief Executive

Adrian Gillespie

Chief Executive and Board Member

Mark Hallan

Global Director, Strategic Relationships

Linda Hanna

Managing Director

Jane Martin

Managing Director of Innovation and Investment

Jim McFarlane

Managing Director of Operations

Kerry Sharp

Director of Entrepreneurship and Investment

Charlie Smith

Managing Director of Scottish Development International and Group Head of Strategy and Technology

Past deals in GreenTech

Green Bioactives

Grant in 2025
Green Bioactives is a sustainable biomanufacturing company that uses plant cell culture technology to produce plant-derived biomolecules. By cultivating vascular stem cells, it creates rare botanical compounds with higher effectiveness, durability, and environmental benefits, providing industries with reliable, scalable, and eco-friendly sources of natural materials.

Scotmas

Venture Round in 2025
Scotmas is a manufacturer of water treatment dosing systems serving diverse sectors including agriculture, water treatment, food and beverage processing, healthcare and farming. The company develops chlorine dioxide (ClO₂) based dosing systems and tablets to control bacteria and other pathogens in water and on food contact surfaces, helping clients maintain purified water and protect against contaminants.

Sisaltech

Seed Round in 2025
Sisaltech is a company that specializes in producing sustainable building insulation made from sisal, a natural fiber derived from the Agave plant. This material is durable, biodegradable, and has a low environmental impact during production. The company's primary business is to provide eco-friendly insulation solutions to the construction industry, offering a low-carbon alternative to traditional insulation materials. Sisaltech's products are designed to be easy to install, completely recyclable, and made with low-carbon materials, enabling clients to enhance safety and comfort while reducing their carbon footprint.

Dyneval

Grant in 2025
Dyneval specializes in developing portable technology for analyzing cattle semen dynamics at the nano- and micro-scale. Its equipment enables accurate characterization of particles and microorganisms, enhancing reliability in health and biotech sectors.

Exergy3

Pre Seed Round in 2024
Exergy3, a spinout from the University of Edinburgh, specializes in energy storage solutions. It has developed a unique temperature energy storage technology that captures and stores excess green energy from the grid, converting it into ultra-high temperature heat. This heat is then used to displace fossil fuels in various industrial processes, thereby reducing carbon dioxide emissions. The company's solution is more cost-effective than alternatives like hydrogen carbon capture and storage, making it suitable for smaller or more remote processes.

Solasta Bio

Series A in 2024
Solasta Bio develops environmentally friendly biological pesticides and insect control products. Its portfolio includes neuropeptide-based solutions that effectively manage resistant pests, enabling farmers to enhance crop production sustainably.

HonuWorx

Seed Round in 2024
HonuWorx is a technology company specializing in autonomous subsea robotics. It develops unmanned marine systems designed to deploy and control robots for offshore work, reducing reliance on large manned vessels. The company's edge-cloud architected software platform enables real-time data sharing, collaboration, supervision, and control of robotic systems beyond line-of-sight. This technology lowers operational expenses and environmental impact by minimizing travel requirements offshore, facilitating sustainable commercialization of ocean resources.

ULEMCo

Venture Round in 2024
ULEMCo Limited is a company based in Liverpool, United Kingdom, that specializes in developing hydrogen hybrid combustion technology for commercial vehicles. Founded in 2014, ULEMCo focuses on retrofitting diesel transit vans to operate on hydrogen, effectively converting them to hydrogen dual-fuel systems. The company's innovations extend beyond standard vehicles, as it is also engaged in late-stage research and development of zero-emission hydrogen engines and fuel cell vehicles. This includes specialized applications for heavy-duty vehicles such as ambulances, fire engines, refuse trucks, tow-tugs, and road sweepers. ULEMCo's technology aims to reduce air pollution and promote cleaner transportation in the automobile industry.

Nebu-Flow

Venture Round in 2024
Nebu-Flow is a manufacturer focused on the development of advanced inhaled drugs aimed at patients with respiratory disorders. The company specializes in innovative pulmonary drug-delivery technology that allows for efficient administration of difficult-to-nebulize medications directly to the lungs. This includes existing formulations as well as emerging therapeutics such as biologics, nanomedicines, and vaccines. Nebu-Flow's technology is designed to control droplet size for optimal deep lung deposition, facilitating injection-free systemic drug delivery through inhalation. The company is dedicated to minimizing its environmental impact while ensuring the creation of a user-friendly and high-performing nebulizer for effective treatment of respiratory diseases.

QuickBlock

Seed Round in 2024
QuickBlock is a manufacturer of modular building systems made from recycled plastic, providing an eco-friendly alternative to traditional concrete blocks. The company's innovative flat-packed building blocks are designed for use in various temporary construction projects, including defense and military applications, agricultural buildings, shelter sheds, and other structures. By utilizing recycled materials, QuickBlock enables users to reduce costs while also promoting environmental sustainability in the construction industry.

Flock Mobility

Grant in 2024
Flock Mobility, a UK-based B2B cleantech company, specialises in optimising electric vehicle (EV) fleets for shared transport services. Backed by the European Space Agency, Flock's AI-driven platform enhances vehicle utilisation, routing, and booking, empowering operators to reduce emissions, lower costs, and improve mobility access.

Recycl8

Grant in 2023
Recycl8 is a company focused on reducing carbon emissions in the construction industry by transforming incinerator bottom ash (IBA) into a low-carbon concrete solution. By collaborating with the waste-to-energy and construction sectors, Recycl8 aims to divert IBA from landfills and repurpose it in concrete manufacturing. This innovative process not only helps concrete producers lower their carbon footprints but also supports broader climate goals. Through its environmentally conscious approach, Recycl8 contributes to sustainable construction practices while addressing the challenges of waste management.

Exergy3

Grant in 2023
Exergy3, a spinout from the University of Edinburgh, specializes in energy storage solutions. It has developed a unique temperature energy storage technology that captures and stores excess green energy from the grid, converting it into ultra-high temperature heat. This heat is then used to displace fossil fuels in various industrial processes, thereby reducing carbon dioxide emissions. The company's solution is more cost-effective than alternatives like hydrogen carbon capture and storage, making it suitable for smaller or more remote processes.

Solasta Bio

Grant in 2023
Solasta Bio develops environmentally friendly biological pesticides and insect control products. Its portfolio includes neuropeptide-based solutions that effectively manage resistant pests, enabling farmers to enhance crop production sustainably.

Solasta Bio

Seed Round in 2023
Solasta Bio develops environmentally friendly biological pesticides and insect control products. Its portfolio includes neuropeptide-based solutions that effectively manage resistant pests, enabling farmers to enhance crop production sustainably.

Revive Eco

Seed Round in 2022
Revive Eco is a resource management company focused on transforming used coffee grounds into valuable natural products. Established by individuals with extensive experience in the food and beverage industry, the company aims to address the growing issue of waste generated from coffee consumption. By utilizing innovative technology, Revive Eco extracts high-value biochemicals from coffee grounds, which can be applied across various industries. This approach not only minimizes waste but also maximizes value and contributes to reducing carbon emissions, thereby promoting a more sustainable future.

Green Bioactives

Seed Round in 2022
Green Bioactives is a sustainable biomanufacturing company that uses plant cell culture technology to produce plant-derived biomolecules. By cultivating vascular stem cells, it creates rare botanical compounds with higher effectiveness, durability, and environmental benefits, providing industries with reliable, scalable, and eco-friendly sources of natural materials.

Innovatium

Seed Round in 2022
Innovatium is a technology company focused on renewable energy. It develops and commercializes equipment and processes that reduce the carbon intensity of existing operations, delivering energy-efficient solutions that enable clients to increase the share of renewables in their energy mix and lower overall carbon footprints for end-users.

Verlume

Venture Round in 2022
Verlume is a provider of innovative solutions for the underwater, offshore, and onshore sectors. The company specializes in developing and deploying subsea power hub technology that harnesses ocean currents and tides to generate clean electrical energy. This technology enables clients to reduce their carbon footprint by utilizing renewable energy sources without environmental pollution. Verlume's offerings help decarbonize operations across various industries, including oil and gas, offshore wind, and marine renewables.

Dyneval

Series A in 2021
Dyneval specializes in developing portable technology for analyzing cattle semen dynamics at the nano- and micro-scale. Its equipment enables accurate characterization of particles and microorganisms, enhancing reliability in health and biotech sectors.

Solasta Bio

Seed Round in 2021
Solasta Bio develops environmentally friendly biological pesticides and insect control products. Its portfolio includes neuropeptide-based solutions that effectively manage resistant pests, enabling farmers to enhance crop production sustainably.

QuickBlock

Seed Round in 2021
QuickBlock is a manufacturer of modular building systems made from recycled plastic, providing an eco-friendly alternative to traditional concrete blocks. The company's innovative flat-packed building blocks are designed for use in various temporary construction projects, including defense and military applications, agricultural buildings, shelter sheds, and other structures. By utilizing recycled materials, QuickBlock enables users to reduce costs while also promoting environmental sustainability in the construction industry.

ULEMCo

Venture Round in 2021
ULEMCo Limited is a company based in Liverpool, United Kingdom, that specializes in developing hydrogen hybrid combustion technology for commercial vehicles. Founded in 2014, ULEMCo focuses on retrofitting diesel transit vans to operate on hydrogen, effectively converting them to hydrogen dual-fuel systems. The company's innovations extend beyond standard vehicles, as it is also engaged in late-stage research and development of zero-emission hydrogen engines and fuel cell vehicles. This includes specialized applications for heavy-duty vehicles such as ambulances, fire engines, refuse trucks, tow-tugs, and road sweepers. ULEMCo's technology aims to reduce air pollution and promote cleaner transportation in the automobile industry.

Arcola Energy

Grant in 2021
Arcola Energy is a leader in hydrogen and fuel cell integration, specializing in zero-emission solutions for heavy-duty vehicles and transport applications.

Solasta Bio

Pre Seed Round in 2021
Solasta Bio develops environmentally friendly biological pesticides and insect control products. Its portfolio includes neuropeptide-based solutions that effectively manage resistant pests, enabling farmers to enhance crop production sustainably.

FreeFlow Technologies

Venture Round in 2020
FreeFlow Technologies Limited, founded in 2012 and headquartered in Glasgow, United Kingdom, specializes in the development of innovative e-bikes, notably the SALTIRE e-bicycle, which is recognized as the world’s lightest and most environmentally friendly model. The company has pioneered patented transmission system technology that enhances the riding experience while preserving the traditional feel of conventional bicycles. By integrating small design adjustments to the bike frame, FreeFlow Technologies offers versatile options for incorporating batteries, either as removable units or integrated into the frame, catering to various design preferences. This focus on user-centric design and sustainability positions FreeFlow Technologies as a notable player in the evolving e-bike market.

Zumo

Seed Round in 2020
Zumo believes everyone should have access to sustainable finance, and that blockchain has the power to deliver this globally. Its mission is to provide a better planet for digital assets, delivering sustainable, accessible and secure ways to unlock the benefits of web3. As an enterprise-focused digital-asset-as-a-service platform, Zumo’s turnkey, API-based infrastructure offers a fast, flexible and compliance-sensitive route to market, empowering fintechs, banks, asset managers and brands to offer their clients the tools of the future simply, securely and sustainably while also opening up new revenue streams, attracting new customers and supporting customer retention. A values-driven business, Zumo has underlined its commitment to a fairer society and a sustainable planet with an ambitious 2030 net zero strategy encompassing its own business; the blockchains it works with; and the wider digital asset ecosystem. Carbon-neutral since inception, the business is committed to ongoing collaboration in the decarbonisation of the digital assets industry. Zumo was an early signatory of the Crypto Climate Accord, the first digital asset business to receive UK government funding from the UK’s national innovation agency, Innovate UK, to further its applied work on the decarbonisation of digital assets, and is now a key contributor to industry guidance on the energy consumption of blockchain, working in tandem with the World Economic Forum and the OECD. Zumo’s infrastructure also powers the direct-to-consumer Zumo App, launched in the UK and registered with the Financial Conduct Authority (FCA).

Verlume

Venture Round in 2020
Verlume is a provider of innovative solutions for the underwater, offshore, and onshore sectors. The company specializes in developing and deploying subsea power hub technology that harnesses ocean currents and tides to generate clean electrical energy. This technology enables clients to reduce their carbon footprint by utilizing renewable energy sources without environmental pollution. Verlume's offerings help decarbonize operations across various industries, including oil and gas, offshore wind, and marine renewables.

Synaptec

Seed Round in 2016
Synaptec Ltd. is a Glasgow-based company founded in 2014 that specializes in the development and deployment of photonic sensing systems. These systems leverage existing optical fiber networks to monitor various critical parameters required by electricity network operators. Synaptec's patented technology enables the measurement of voltage, current, temperature, and vibrations across long distances and multiple locations using a single optical fiber, which enhances network protection and fault identification. The company’s solutions help reduce electrical power transmission costs by minimizing outages and civil works, while also providing significant benefits such as improved stability of power networks, increased security of energy supply, and lower emissions. Through its innovative approach, Synaptec aims to support network operators and contribute positively to society.

CelluComp

Venture Round in 2016
CelluComp Ltd. is a material science company based in Burntisland, United Kingdom, specializing in the development and commercialization of biobased materials derived from food processing industry waste streams. Founded in 2004, the company produces Curran, a high-performance material made from nano-cellulose fibers extracted from root vegetables. CelluComp offers a range of products, including Curran paste, slurry, and powders, which are suitable for various applications such as paints, coatings, paper, personal care, and construction materials. Its innovative offerings serve multiple industries and aim to provide environmentally sustainable alternatives by utilizing non-hydrocarbon feedstocks. The company distributes its products across several countries, including the United Kingdom, Germany, and several nations in Europe and the Middle East.

Spark Energy

Venture Round in 2014
Spark Energy Limited is a UK-based energy supplier that provides electricity and gas primarily to residential tenants and rental agents. Established in 2006 and headquartered in Selkirk, the company specializes in offering renewable energy sourced from various means, including wind, bio-energy, bio-mass, anaerobic digestion, energy crops, and hydroelectric power. By collaborating with letting agencies, Spark Energy aims to simplify the process of setting up energy services for tenants, ensuring a seamless transition to sustainable energy solutions.

Connect-In

Angel Round in 2014
Connect-In Ltd. stands for innovative Bluetooth IoT solutions, sustainable development, and state-of-the art design. Their sensors are built to be long lasting and power efficient (lasts 1-4 years on replaceable coin cell batteries) to make IoT understandable, accessible, and affordable, and to power the next generation of the Internet of Things.

CelluComp

Seed Round in 2013
CelluComp Ltd. is a material science company based in Burntisland, United Kingdom, specializing in the development and commercialization of biobased materials derived from food processing industry waste streams. Founded in 2004, the company produces Curran, a high-performance material made from nano-cellulose fibers extracted from root vegetables. CelluComp offers a range of products, including Curran paste, slurry, and powders, which are suitable for various applications such as paints, coatings, paper, personal care, and construction materials. Its innovative offerings serve multiple industries and aim to provide environmentally sustainable alternatives by utilizing non-hydrocarbon feedstocks. The company distributes its products across several countries, including the United Kingdom, Germany, and several nations in Europe and the Middle East.

Waveblade

Venture Round in 2013
Wavecraft Ltd is a company focused on developing innovative submersible handheld power tools designed for the efficient removal of bio-fouling, such as barnacles and mussel deposits. Their product facilitates the cleaning of various surfaces, including boat hulls, buoys, docks, metals, wood, concrete, fiberglass, and inflatables, while ensuring no damage occurs. Driven by a mission to create high-quality technologies that meet customer needs, Wavecraft emphasizes a commitment to treating others with respect and protecting the marine environment that inspires their work.

Waveblade

Seed Round in 2012
Wavecraft Ltd is a company focused on developing innovative submersible handheld power tools designed for the efficient removal of bio-fouling, such as barnacles and mussel deposits. Their product facilitates the cleaning of various surfaces, including boat hulls, buoys, docks, metals, wood, concrete, fiberglass, and inflatables, while ensuring no damage occurs. Driven by a mission to create high-quality technologies that meet customer needs, Wavecraft emphasizes a commitment to treating others with respect and protecting the marine environment that inspires their work.

Albagaia

Venture Round in 2012
Albagaia Ltd is a British environmental technology company specialising in the environmentally-sound destruction of micro-organisms and harmful organic compounds.

CelluComp

Seed Round in 2006
CelluComp Ltd. is a material science company based in Burntisland, United Kingdom, specializing in the development and commercialization of biobased materials derived from food processing industry waste streams. Founded in 2004, the company produces Curran, a high-performance material made from nano-cellulose fibers extracted from root vegetables. CelluComp offers a range of products, including Curran paste, slurry, and powders, which are suitable for various applications such as paints, coatings, paper, personal care, and construction materials. Its innovative offerings serve multiple industries and aim to provide environmentally sustainable alternatives by utilizing non-hydrocarbon feedstocks. The company distributes its products across several countries, including the United Kingdom, Germany, and several nations in Europe and the Middle East.
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