Innovatium Group Limited, an East Kilbride-based clean technology company, has secured a significant £3 million investment from the Scottish National Investment Bank ("the Bank") and Hitachi Industrial Equipment Systems (HIES).

This crucial funding is set to accelerate the deployment of Innovatium's patented PRISMA™ Advanced Liquid Air Energy Storage system, a groundbreaking solution for long-duration and flexible energy storage.

PRISMA offers a safer, more cost-effective, and environmentally friendly alternative to traditional lithium-ion batteries, specifically designed to address the intermittency and fluctuating supply issues inherent in renewable energy generation. The award-winning technology, predominantly made from fully recyclable materials, operates by using off-peak electricity to cool and liquefy compressed air. This stored liquid energy is then converted back into compressed air to generate power precisely when needed, having been proven to reduce energy costs and CO2 emissions by up to 30% per industrial site.

The investment is expected to facilitate a significant growth phase for Innovatium, enabling the company to expand its team, scale production, and fast-track the commercial rollout of the PRISMA system. This will lead to the creation of 30 jobs in Scotland over the next four years. Crucially, the funding will also support the scaling of the technology for use in energy-intensive sectors such as data centres, where escalating energy demand and sustainability pressures are a growing global concern.

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This marks HIES's first investment in a Scottish company. Beyond financial backing, Hitachi Industrial Equipment Systems will also supply core compressor components for PRISMA and leverage its Hitachi Global Air Power and HIES Europe divisions to expand Innovatium's sales into new international markets, opening substantial commercial opportunities.

Brian Jack, CEO of Innovatium Group Limited, expressed his optimism: "We've entered a new and very exciting growth phase for us which includes immediate plans to expand our team, advance PRISMA technology, and build additional depth within the business to meet rising demand from customers. This investment gives us the platform to scale-up significantly and we can now offer a much broader portfolio of solutions, creating new value for our customers in the UK and globally. We have never been better placed to deliver solutions to support the energy transition."

Ailsa Young, Investment Director at the Scottish National Investment Bank, highlighted the strategic importance of the investment. "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," she stated. Ms Young added that the Bank, as an impact investor, was drawn to Innovatium's potential to drive Scotland's net-zero economy, pleased to invest alongside Hitachi Industrial Equipment Systems to support PRISMA's commercial rollout.

Innovatium's PRISMA technology has received notable accolades, including the Innovating Scotland Award at the VIBES Scottish Environment Business Awards in 2022 and the Innovation of the Year: Projects & Products Award at the 2023 edie Net Zero Awards.