The Scottish National Investment Bank has announced a round of funding to support a subsea marine anchoring company working with offshore floating wind developments.
The investment comes within months of the national bank’s support for a subsea power cabling facility, signifying its focus on renewables and on innovative technology serving this sector. The announcement predicts a further 100 jobs will be created in Scotland, which adds to the 900 jobs already announced for the manufacturing plant at Hunterston in Ayrshire.
Subsea Micropiles, based in Dublin, has secured £9.2m, with the majority of £6.7m coming from the bank, with Itochu Steel, co-investing with a further £2.5m.
The bank’s investment in Subsea Micropiles is part of the Scottish Government’s strategic investment of up to £500m over five years in Scotland’s offshore wind supply chain.
Subsea Micropiles’ marine anchor system allows large offshore construction projects to be completed at lower cost with reduced environmental impact. The micropiles are suitable for a wider range of load requirements and soil conditions, helping unlock opportunities in the floating offshore wind industry.
Derek Robertson, Chief Executive Officer at Subsea Micropiles, said: “There is so much potential in Scotland’s offshore wind market, and we are excited to play our part in the supply chain with our lower cost system that, critically, has less impact on the environment.”
“Our plan to manufacture anchors in Scotland will help reduce import requirements for key offshore components and our technology will give further flexibility and reliability to developers by using smaller and more readily available vessels along with remote seabed drilling systems.”
The company is expecting to a build a manufacturing facility in the North East of Scotland.
Laura Fidao, Investment Director at the Bank said: “Easing bottlenecks in the renewable energy supply chain is an essential part of delivering clean energy and driving Scotland’s international reputation in the sector. Subsea Micropiles’ technology aligns to our net zero and innovation missions as an impact-led investment bank.”
In November 2024, the bank announces a £20m investment in subsea cable manufacturer XLCC.
XLCC’s High-Voltage Direct Current (HVDC) cable will transport electricity over long distances. The investment will support the company’s development of a new manufacturing facility at the brownfield site of the former Hunterston Terminal in Ayrshire.
The facility is expecting to support around 900 jobs, including more than 200 apprenticeships, and will be capable of producing thousands of kilometres of HVDC cable each year.