Subsea clean energy specialists EC-OG is set to accelerate subsea clean energy growth with an investment of £1.6 million from venture capital firm Par Equity and will use the funds to support its growth plans, which focus on the exploitation of its innovative Halo battery storage system designed for subsea applications.
Halo is a modular and scalable battery storage system that operates in the demanding subsea environment for temporary, permanent or back-up deep sea electrical power solutions.
The investment in EC-OG is the first that Par Equity has made since its recent partnership with the British Business Bank. The funds were allocated as part of the Regional Angel Programme. The £75 million program supports some of the fastest growing technology companies across the North of England, Scotland and Northern Ireland and is designed to provide early stage capital to smaller businesses with high growth potential.
Richard Knox, Managing Director of EC-OG commented: “This investment comes at a perfect time for EC-OG as we prepare for widespread commercialization. In particular, the sharp drop in the price of oil means our target customers are increasingly looking for new technology to cut costs, which is a key selling point for us. Par Equity has understood the capability of the EC-OG team, and the technology, to enable a transition to clean, cost competitive energy in the emerging subsea clean energy market. The new funds will allow us to accelerate scale-up of our automated battery manufacturing capability, significantly reduce the time from order to deployment and ensure we maintain excellent service support as the business grows.”
Paul Munn, Managing Partner of Par Equity said: “EC-OG have invested more than three years into the design and capability of their Halo battery storage system, building it alongside their prospective customers. We’re confident that they will be successful in their growth ambitions and I am delighted that Par Equity can provide the capital they need to turn them into reality.”
Source & Image: EC-OG | ec-og.com
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