Scottish National Investment Bank Invests £2M in Hemp Insulation Company
The Scottish Nationwide Funding Financial institution is investing £2 million ($2.4 million) in IndiNature Mill, which produces IndiTherm, a hemp-based insulation, after an preliminary £3 million ($3.6 million) funding in 2021, Insider studies. The 2021 funding unlocked one other £800,000 ($971,248) in grant funding from Zero Waste Scotland’s Round Financial system Funding Fund and £250,000 ($303,515) from South of Scotland Enterprise.
Andy Clapp, govt director for funding portfolio administration on the Scottish Nationwide Funding Financial institution, informed Insider the agency has “seen IndiNature go from energy to energy” since its preliminary funding within the firm and the agency is “delighted to proceed to assist them via this deliberate scale-up stage.”
IndiNature chief govt and co-founder Scott Simpson mentioned the corporate is “grateful to have an effect investor just like the financial institution following on their authentic funding for this subsequent stage of progress – an investor aligned with our mission to make constructive impacts on scale for the local weather and folks’s well being.”
“Greater than ever we have to urgently insulate houses within the UK with acceptable supplies – pure merchandise like ours not solely insulate, the supplies they’re made out of are additionally carbon destructive. This funding is rushing up our capability to ship wholesome, low carbon merchandise at excessive capability to the market.” — Simpson to Insider
IndiTherm, a versatile thermal insulation, is made utilizing industrial hemp sourced from farms all through the UK. The bio-based insulation is manufactured for retrofit, new and offsite building.
The corporate’s high-density thermal and acoustic IndiBoards and its full IndiBreathe system are set to be launched this yr.
Get day by day hashish enterprise information updates. Subscribe
Ganjapreneur is made attainable by our companions:
