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F r o m W i k i p e d i a , t h e f r e e e n c y c l o p e d i a
Scottish National Investment Bank plc
State-owned investment and development bank Statutory corporation )
Financial services
November 2020
Edinburgh , Scotland
Al Denholm, Chief Executive
Scottish Government
www
The Scottish National Investment Bank (Scottish Gaelic : Banca Tasgaidh Nàiseanta na h-Alba ) is a Scottish state-owned investment and national development bank based in Edinburgh , Scotland.[1] [2]
The bank is a public corporation ,[3] [4] Scottish Government .[5] Cabinet Secretary for Finance and the Economy .[6]
History [ edit ]
The bank was announced in September 2017 in the First Minister Nicola Sturgeon 's 2017 Programme for Government.
Benny Higgins was appointed as a strategic adviser, to oversee the organisation launching.[7] [8] Scottish National Investment Bank Act 2020 was passed by Parliament on 21 January 2020. The Act legally obliged Scottish Ministers to establish a National Investment Bank for Scotland as both a public body as a publicly limited company.
The bank was formally launched in November 2020.
In February 2022 Eilidh MacTaggart left the bank as Chief Executive. First Minister Nicola Sturgeon was questioned about the departure in the Scottish Parliament.[9] National Strategy for Economic Transformation which would direct the focus of future investments made by the bank.[10] [11] [12] [13]
As of October 2023, the bank had committed £463.2 million in investments.[14]
Activities [ edit ]
The bank seeks to invest in businesses, projects and communities across Scotland, with its investment targeted to support three main aims:[15] [16]
Supporting Scotland's transition to net-zero carbon emissions by 2045[17]
Building communities and promoting equality by 2040
Harnessing innovation to enable our people to flourish by 2040
The bank has an initial budget of £2 billion for the first 10 years of its existence (2020–2030).[2]
Portfolio [ edit ]
Value (GBP )
References
M Squared Lasers
Quantum technology
12,500,000
[18]
PfP Capital
Mid-market rental housing
40,000,000
[19]
R3 IoT
IoT satellite connectivity
1,000,000
[20]
Forev
EV
2,000,000
[21]
IndiNature
Natural fibre insulation
3,000,000
[22]
Gresham House Forestry Fund
Woodland creation
50,000,000
[23]
Nova Innovation
Net zero
6,400,000
[24]
Sunamp
Net zero
6,000,000
[25]
Iona Wind Partnership
Net zero
13,000,000
[26]
Strathcarron Homes
Housing
3,000,000
[27]
Lothian Broadband Group
Rural broadband
20,000,000
[28]
Highland Coast Hotels
Tourism
4,450,000
[29]
Port of Aberdeen
Marine infrastructure
30,000,000
[30]
Travelnest
Tourism
3,000,000
[31]
Circularity Scotland
Deposit-return scheme
9,000,000
[32]
Elasmogen
Pharmaceutical industry
3,500,000
[33]
Orbital Marine Power
Renewable energy
4,000,000
[34]
pureLiFi
Telecommunications
10,000,000
[35]
Wavegarden Scotland
Surf technology
26,000,000
[36]
Trojan Energy
EV charging infrastructure
9,000,000
[37]
Orbex
Bio-fuel satellite launch
17,800,000
[38]
Social and Sustainable
Social housing
15,000,000
[39]
North Start Renewables
Renewable energy operations
50,000,000
[40]
PneumoWave
Biosensor technology
5,200,000
[41]
Utopi
Data analytics platform
5,000,000
[42]
Forrit
Cloud-based content
5,000,000
[43]
Verlume
Renewable energy
6,600,000
[44]
Cyacomb
Innovative technology
2,600,000
[45]
Par Equity
Innovative technology
20,000,000
[46]
See also [ edit ]
References [ edit ]
^ "Scottish national investment bank legislation published" . BBC News . Retrieved 11 September 2019 .
^ "Scottish National Investment Bank Stage 1 Report" . Scottish Parliament Reports .
^ Donnelly, Brian (28 November 2018). "Scottish National Investment Bank chief pledges pay caps and no bail-outs" . The Herald . Retrieved 11 September 2019 .
^ "Cabinet Secretary for Economy, Fair Work and Culture" . Scottish Government. Retrieved 23 November 2020 .
^ "Scottish national investment bank plans unveiled" . The Herald . Retrieved 11 September 2019 .
^ Brooks, Libby (28 February 2019). "Scottish government to launch national investment bank" . The Guardian . Retrieved 11 September 2019 .
^ "Sturgeon tight-lipped on Eilidh MacTaggart Exit" . The National
^ cite web|url=https://www.bbc.co.uk/news/uk-scotland-scotland-politics-60601477%7Cwork= BBC
^ "Investment bank boss insists she quit for personal reasons" . BBC
^ "Scottish National Investment Bank boss paid £117,500 after quitting" . BBC
^ "Al Denholm appointed CEO of Scottish National Investment Bank" . Scottish Financial News . 27 April 2023. Retrieved 8 January 2024 .
^ "Our investment portfolio supports businesses, projects and communities that align with our missions | Scottish National Investment Bank" . www.thebank.scot . Retrieved 8 January 2024 .
^ "What we do" . Scottish National Investment Bank. Retrieved 23 November 2020 .
^ "Our Missions" . Scottish National Investment Bank. Retrieved 23 November 2020 .
^ "MSPs pass Scottish National Investment Bank legislation" . BBC News . 21 January 2020. Retrieved 9 April 2021 .
^ Wright, Scott (23 November 2020). "New Scottish bank opens doors with £12.5m investment in pioneering Glasgow laser firm" . The Herald . Retrieved 12 January 2021 .
^ "Investment Case Study | The Scottish National Investment Bank | Scottish National Investment Bank invests in PfP Capital's Mid Market Rent Fund" . Scottish National Investment Bank . Retrieved 6 March 2021 .
^ "Space tech firm R3-IoT to go global after funding deal" . Daily Business . 27 July 2021. Retrieved 13 August 2021 .
^ Walker, Peter A. (29 July 2021). "Scottish National Investment Bank backs Forev with £2 million" . businessInsider . Retrieved 13 August 2021 .
^ "Hemp-based insulation firm secures Scottish National Investment Bank funding" . www.businessgreen.com . 12 August 2021. Retrieved 13 August 2021 .
^ "Scottish National Investment Bank backs forestry fund" . Daily Business . 19 August 2021. Retrieved 19 August 2021 .
^ "Nova secures SNIB funds for tidal turbines" . Daily Business . 8 September 2021. Retrieved 27 November 2021 .
^ Cameron, Greig. "Sunamp batteries get £6m backing" . The Times ISSN 0140-0460 . Retrieved 27 November 2021 .
^ McSherry, Mark. "Iona wind partnership gets SNIB investment – Scottish Financial Review" . Retrieved 27 November 2021 .
^ "Scottish National Investment Bank steps in to fund new Glasgow homes – Scottish Construction Now" . 3 December 2021. Retrieved 20 April 2022 .
^ "Independent broadband firm secures £20m funding to reach 70,000 customers – Future Scot" . 6 January 2022. Retrieved 20 April 2022 .
^ "Highland Coast Hotels secures £4.45 million investment from the Scottish National Investment Bank – The Northern Times" . 19 January 2022. Retrieved 20 April 2022 .
^ "Aberdeen Harbour receives £30 million in funding – Scottish Business Insider" . 28 January 2022. Retrieved 20 April 2022 .
^ Walker, Peter A. (6 May 2022). "Scottish National Investment Bank gives £3 million to travel tech firm" . businessInsider . Retrieved 26 September 2022 .
^ "SNIB invests £9m to help boost recycling of single-use drinks containers" . Scottish Financial News . 12 May 2022. Retrieved 26 September 2022 .
^ "Aberdeen-based life sciences pioneer Elasmogen secures seven-figure boost from organisations including the SNIB" . www.scotsman.com . 18 May 2022. Retrieved 26 September 2022 .
^ "Renewable energy company Orbital funded by Scottish National Investment Bank" . Scottish Financial News . 4 July 2022. Retrieved 26 September 2022 .
^ Cameron, Greig. "Purelifi gets £10m tech backing" . The Times ISSN 0140-0460 . Retrieved 26 September 2022 .
^ "Delayed Wavegarden gets £26m SNIB backing" . Daily Business . 18 July 2022. Retrieved 26 September 2022 .
^ "Scottish National Investment Bank fuels electric vehicle charging firm with £9m deal" . uk.news.yahoo.com . 6 September 2022. Retrieved 26 September 2022 .
^ "Orbex | Scottish National Investment Bank" . www.thebank.scot . 18 October 2022. Retrieved 8 January 2024 .
^ "Social and Sustainable | Scottish National Investment Bank" . www.thebank.scot . 1 November 2022. Retrieved 8 January 2024 .
^ "North Star Renewables | Scottish National Investment Bank" . www.thebank.scot . 6 December 2022. Retrieved 8 January 2024 .
^ "PneumoWave | Scottish National Investment Bank" . www.thebank.scot . 12 January 2023. Retrieved 8 January 2024 .
^ "Utopi | Scottish National Investment Bank" . www.thebank.scot . 30 March 2023. Retrieved 8 January 2024 .
^ "Forrit | Scottish National Investment Bank" . www.thebank.scot . 13 April 2023. Retrieved 8 January 2024 .
^ "Verlume | Scottish National Investment Bank" . www.thebank.scot . 24 April 2023. Retrieved 8 January 2024 .
^ "Cyacomb | Scottish National Investment Bank" . www.thebank.scot . 12 October 2023. Retrieved 8 January 2024 .
^ "Par Equity | Scottish National Investment Bank" . www.thebank.scot . 16 October 2023. Retrieved 8 January 2024 .
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