The Scottish National Investment Bank is investing £2 million ($2.4 million) in IndiNature Mill, which produces IndiTherm, a hemp-based insulation, after an initial £3 million ($3.6 million) investment in 2021, Insider reports. The 2021 investment unlocked another £800,000 ($971,248) in grant funding from Zero Waste Scotland’s Circular Economy Investment Fund and £250,000 ($303,515) from South of Scotland Enterprise.
Andy Clapp, executive director for investment portfolio management at the Scottish National Investment Bank, told Insider the firm has “seen IndiNature go from strength to strength” since its initial investment in the company and the firm is “delighted to continue to support them through this planned scale-up stage.”
IndiNature chief executive and co-founder Scott Simpson said the company is “grateful to have an impact investor like the bank following on their original investment for this next stage of growth – an investor aligned with our mission to make positive impacts on scale for the climate and people’s health.”
“More than ever we need to urgently insulate homes in the UK with appropriate materials – natural products like ours not only insulate, the materials they’re made from are also carbon negative. This investment is speeding up our ability to deliver healthy, low carbon products at high capacity to the market.” — Simpson to Insider
IndiTherm, a flexible thermal insulation, is made using industrial hemp sourced from farms throughout the United Kingdom. The bio-based insulation is manufactured for retrofit, new and offsite construction.
The company’s high-density thermal and acoustic IndiBoards and its full IndiBreathe system are set to be launched this year.
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