Scottish National Investment Bank

Last updated

Scottish National Investment Bank plc
Company type State-owned investment and development bank
(Statutory corporation)
Industry Financial services
FoundedNovember 2020
Headquarters Edinburgh, Scotland
Key people
Al Denholm, Chief Executive
Willie Watt, Chairman
Owner Scottish Government
Website www.thebank.scot

The Scottish National Investment Bank is a Scottish state-owned investment and national development bank based in Edinburgh, Scotland. [1] Although referred to as a bank, it does not do normal banking operations nor accepts deposits. The bank uses public money to fund commercial projects across Scotland with the hope that this seed capital will encourage further private investment, to help develop a fairer, more sustainable economy. £2 billion of taxpayers money is earmarked for the bank. [2]

Contents

The bank is a public corporation, [3] [4] with the only shareholder being the Scottish Government. [5] It reports to the Cabinet Secretary for Finance and the Economy. [6]

History

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] In February 2018 an implementation plan was launched. [8]

Scottish National Investment Bank Act 2020
Act of the Scottish Parliament
Coat of Arms of the United Kingdom in Scotland (Variant 1).svg
Scottish Parliament
Long title An Act of the Scottish Parliament to require the establishment of the Scottish National Investment Bank and to make further provision in connection with that body.
Citation 2020 asp 3
Introduced by Derek Mackay MSP
Territorial extent  Scotland
Dates
Royal assent 25 February 2020
Commencement 16 September 2020 [9]
Status: Current legislation
Text of statute as originally enacted
Text of the Scottish National Investment Bank as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk.

The bill was introduced by Cabinet Secretary for Finance, Derek Mackay MSP. [10] The Scottish National Investment Bank Act 2020 was passed by Parliament received royal assent in February 2020. [11] The act legally obliged Scottish Ministers to establish a National Investment Bank for Scotland as both a public body as a publicly limited company, independent of the Scottish Government. [12] The act states that "primary goal is to help Scotland transition to net-zero carbon emissions, while supporting small and medium-size enterprises." [13] The bank was formally launched in November 2020. [10] [14]

In February 2022 Eilidh MacTaggart left the bank as Chief Executive. First Minister Nicola Sturgeon was questioned about the departure in the Scottish Parliament. [15] The departure coincided with the publication of the Scottish Government's National Strategy for Economic Transformation which would direct the focus of future investments made by the bank. [16] Ms MacTaggart subsequently insisted she left the bank for personal reasons, [17] and received £117,500 having to work her notice period under the terms of her contract. [18] In April 2023, Al Denholm was appointed Chief Executive. [19]

As of May 2025, the bank had committed £712.7 million in investments. [20]

Portfolio

DateCompanySectorValue (GBP)References
23 November 2020M Squared Lasers Quantum technology 12,500,000 [21]
24 February 2021PfP CapitalMid-market rental housing40,000,000 [22]
27 July 2021R3 IoT IoT satellite connectivity1,000,000 [23]
29 July 2021Forev EV charging infrastructure2,000,000 [24]
11 August 2021IndiNature Natural fibre insulation 3,000,000 [25]
17 August 2021Gresham House Forestry Fund Woodland creation 50,000,000 [26]
7 September 2021 Nova Innovation Net zero 6,400,000 [27]
22 September 2021SunampNet zero6,000,000 [28]
15 November 2021Iona Wind PartnershipNet zero13,000,000 [29]
03 December 2021Strathcarron HomesHousing3,000,000 [30]
07 January 2022Lothian Broadband GroupRural broadband20,000,000 [31]
18 January 2022Highland Coast HotelsTourism4,450,000 [32]
28 January 2022 Aberdeen Harbour Marine infrastructure30,000,000 [33]
31 March 2022TravelnestTourism3,000,000 [34]
9 May 2022Circularity Scotland Deposit-return scheme 9,000,000 [35]
9 May 2022Elasmogen Pharmaceutical industry 3,500,000 [36]
4 July 2022 Orbital Marine Power Renewable energy4,000,000 [37]
13 July 2022pureLiFiTelecommunications10,000,000 [38]
18 July 2022Wavegarden ScotlandSurf technology26,000,000 [39]
5 September 2022Trojan EnergyEV charging infrastructure9,000,000 [40]
October 2022OrbexBio-fuel satellite launch17,800,000 [41]
November 2022Social and SustainableSocial housing15,000,000 [42]
December 2022North Start RenewablesRenewable energy operations50,000,000 [43]
January 2023PneumoWaveBiosensor technology5,200,000 [44]
March 2023UtopiData analytics platform5,000,000 [45]
April 2023ForritCloud-based content5,000,000 [46]
April 2023VerlumeRenewable energy6,600,000 [47]
October 2023CyacombInnovative technology2,600,000 [48]
October 2023Par EquityInnovative technology6,600,000 [49]
January 2024Cumulus OncologyCancer treatment9,000,000 [50]
January 2024Trojan EnergyOn-street EV charging infrastructure18,000,000 [51]
January 2024Aurora Energy ServicesTraining relating to green energy supply chain20,000,000 [52]
April 2024CalcivisDental decay detection4,000,000 [53]
April 2024EnteroBiotixBiopharmaceuticals6,000,000 [54]
June 2024FOR EVEV charging infrastructure10,000,000 [55]
June 2024iGiiNanomaterial4,000,000 [56]
August 2024Highland BroadbandBroadband network10,000,000 [57]
September 2024ZeroAviaAircraft engines20,000,000 [58]
September 2024Leap Automation (Leap AI)Artificial intelligence robotics7,900,000 [59]
November 2024DITT ConstructionHousing730,000 [60]
February 2025PulpexPackaging technology10,000,000 [61]
February 2025Subsea MicropilesMarine anchor system for large offshore construction projects6,700,000 [62]
April 2025 NCIMB Microbiology services [63]

See also

References

  1. ↑ "SCOTTISH NATIONAL INVESTMENT BANK PLC - Overview (free company information from Companies House)". find-and-update.company-information.service.gov.uk.
  2. ↑ "Scotland's national investment bank launches". BBC News. 23 November 2020. Archived from the original on 23 March 2025. Retrieved 11 May 2025.
  3. ↑ "Scottish national investment bank legislation published". BBC News . 28 February 2019. Archived from the original on 11 May 2025. Retrieved 11 September 2019.
  4. ↑ "Scottish National Investment Bank Stage 1 Report". Scottish Parliament Reports.
  5. ↑ Donnelly, Brian (28 November 2018). "Scottish National Investment Bank chief pledges pay caps and no bail-outs". The Herald . Archived from the original on 17 May 2019. Retrieved 11 September 2019.
  6. ↑ "Cabinet Secretary for Economy, Fair Work and Culture". gov.scot. Scottish Government. Archived from the original on 30 October 2020. Retrieved 11 May 2025.
  7. ↑ "Scottish national investment bank plans unveiled". The Herald . 20 October 2017. Archived from the original on 23 September 2021. Retrieved 11 September 2019.
  8. ↑ Brooks, Libby (28 February 2019). "Scottish government to launch national investment bank". The Guardian . Archived from the original on 9 December 2022. Retrieved 11 September 2019.
  9. ↑ Hyslop, Fiona (2 September 2020). "The Scottish National Investment Bank Act 2020 (Commencement) Regulations 2020". legislation.gov.uk . SI 2020 No. 272 (C. 22).
  10. 1 2 "MSPs pass Scottish National Investment Bank legislation". 21 January 2020. Archived from the original on 22 January 2020. Retrieved 11 May 2025.
  11. ↑ "Nearing 'go' on the Scottish National Investment Bank (SNIB)". SPICe Spotlight. Scottish Parliament. 3 September 2020. Archived from the original on 6 October 2022. Retrieved 11 May 2025.
  12. ↑ "Scottish National Investment Bank Act Fully Enforced". Morton Fraser MacRoberts. 5 October 2020. Archived from the original on 5 August 2024. Retrieved 11 May 2025.
  13. ↑ "MSPs pass national investment bank legislation". BBC News . 21 January 2020. Archived from the original on 22 January 2020. Retrieved 1 March 2020.
  14. ↑ "Bank on investment to make a positive impact in Scotland". The Herald. 17 January 2025. Archived from the original on 21 January 2025. Retrieved 11 May 2025.
  15. ↑ "Sturgeon tight-lipped on Eilidh MacTaggart Exit". The National . 3 March 2022. Archived from the original on 30 November 2022.
  16. ↑ "Secrecy row over why Scottish investment bank boss quit". BBC News. 3 March 2022. Archived from the original on 3 March 2022. Retrieved 11 May 2025.
  17. ↑ "Investment bank boss insists she quit for personal reasons". BBC News . 4 March 2022. Archived from the original on 2 August 2023. Retrieved 11 May 2025.
  18. ↑ "Scottish National Investment Bank boss paid £117,500 after quitting". BBC . 20 April 2022. pp. BBC News. Archived from the original on 2 August 2023. Retrieved 11 May 2025.
  19. ↑ "Al Denholm appointed CEO of Scottish National Investment Bank". Scottish Financial News. 27 April 2023. Archived from the original on 4 October 2024. Retrieved 8 January 2024.
  20. ↑ "Our investment portfolio supports businesses, projects and communities that align with our missions | Scottish National Investment Bank". www.thebank.scot. Scottish National Investment Bank. Archived from the original on 6 March 2025. Retrieved 8 January 2024.
  21. ↑ Wright, Scott (23 November 2020). "New Scottish bank opens doors with £12.5m investment in pioneering Glasgow laser firm". The Herald . Archived from the original on 11 February 2021. Retrieved 12 January 2021.
  22. ↑ "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. 24 February 2021. Archived from the original on 31 July 2021. Retrieved 6 March 2021.
  23. ↑ "Space tech firm R3-IoT to go global after funding deal". Daily Business. 27 July 2021. Archived from the original on 16 January 2022. Retrieved 13 August 2021.
  24. ↑ Walker, Peter A. (29 July 2021). "Scottish National Investment Bank backs Forev with £2 million". insider.co.uk. Archived from the original on 29 July 2021. Retrieved 13 August 2021.
  25. ↑ Gockelen-Kozlowski, Tom (12 August 2021). "Hemp-based insulation firm secures Scottish National Investment Bank funding". Business Green. Incisive Business Media. Archived from the original on 12 December 2024. Retrieved 13 August 2021.
  26. ↑ "Scottish National Investment Bank backs forestry fund". Daily Business. 19 August 2021. Archived from the original on 19 August 2021. Retrieved 19 August 2021.
  27. ↑ Murden, Terry (8 September 2021). "Nova secures SNIB funds for tidal turbines". Daily Business. Archived from the original on 26 January 2022. Retrieved 11 May 2025.
  28. ↑ Cameron, Greig (23 September 2021). "Sunamp batteries get £6m backing". The Times . ISSN   0140-0460. Archived from the original on 11 May 2025. Retrieved 27 November 2021.
  29. ↑ Williamson, Mark (17 November 2021). "Scottish bank backs windfarm venture managed by London firm". The Herald. Archived from the original on 17 November 2021. Retrieved 11 May 2025.
  30. ↑ "Scottish National Investment Bank steps in to fund new Glasgow homes". Scottish Construction Now. 6 December 2021. Archived from the original on 26 September 2023. Retrieved 11 May 2025.
  31. ↑ "SNIB commits £20m funding to Lothian Broadband Group to tackle digital inequality". Scottish Financial News. 6 January 2022. Archived from the original on 6 January 2022. Retrieved 11 May 2025.
  32. ↑ "Scottish National Investment Bank invests £4.45m into Highland Coast Hotels". Scottish Financial News. 19 January 2022. Archived from the original on 19 January 2022. Retrieved 11 May 2025.
  33. ↑ "SNIB commits £30m to expansion of Aberdeen Harbour". Scottish Financial News. 28 January 2022. Archived from the original on 28 January 2022. Retrieved 11 May 2025.
  34. ↑ Walker, Peter A (6 May 2022). "Scottish National Investment Bank gives £3 million to travel tech firm". insider.co.uk. Archived from the original on 6 May 2022. Retrieved 11 May 2025.
  35. ↑ "SNIB invests £9m to help boost recycling of single-use drinks containers". Scottish Financial News. 12 May 2022. Archived from the original on 7 June 2023. Retrieved 11 May 2025.
  36. ↑ Newlands, Emma (18 May 2022). "Aberdeen-based life sciences pioneer Elasmogen secures seven-figure boost from organisations including the SNIB". The Scotsman. Archived from the original on 19 May 2022. Retrieved 11 May 2025.
  37. ↑ "Renewable energy company Orbital funded by Scottish National Investment Bank". Scottish Financial News. 4 July 2022. Archived from the original on 29 September 2022. Retrieved 11 May 2025.
  38. ↑ Cameron, Greig (14 July 2022). "Purelifi gets £10m tech backing". The Times . ISSN   0140-0460. Archived from the original on 11 May 2025. Retrieved 26 September 2022.
  39. ↑ "New country park development secures £26m funding". Scottish Construction Now. 18 July 2022. Archived from the original on 18 July 2022. Retrieved 11 May 2025.
  40. ↑ Wright, Scott (6 September 2022). "Scottish National Investment Bank fuels electric vehicle charging firm with £9m deal". The Herald. Archived from the original on 1 October 2022. Retrieved 11 May 2025.
  41. ↑ Newlands, Emma (18 October 2022). "Rocket-maker Orbex lands multi-million-pound boost from SNIB to fuel growth". The Scotsman. Archived from the original on 28 January 2023. Retrieved 11 May 2025.
  42. ↑ "Scottish National Investment Bank invests £15m to help tackle homelessness". Scottish Housing News. 1 November 2022. Archived from the original on 19 April 2025. Retrieved 11 May 2025.
  43. ↑ "North Star receives £140m investment to build renewables fleet". Scottish Financial News. 6 December 2022. Archived from the original on 7 December 2022. Retrieved 11 May 2025.
  44. ↑ "SNIB hails role in seven-figure bankrolling of healthtech firm PneumoWave - saying it could help tackle 'significant' public health issues". The Scotsman. 12 January 2023. Archived from the original on 17 January 2023. Retrieved 11 May 2025.
  45. ↑ "Glasgow real-estate analytics firm Utopi bags £5 million, targets global expansion and net zero future". Scottish Financial News. 30 May 2023. Archived from the original on 30 March 2023. Retrieved 11 May 2025.
  46. ↑ Newlands, Emma (13 April 2023). "Edinburgh IT firm Forrit set to create 15 jobs after seven-figure boost from Scottish National Investment Bank". The Scotsman. Archived from the original on 18 April 2023. Retrieved 11 May 2025.
  47. ↑ "Scottish National Investment Bank backs Verlume with £6.6m for offshore wind growth". Scottish Financial News. 24 April 2023. Archived from the original on 8 December 2023. Retrieved 11 May 2025.
  48. ↑ "SNIB £2.6m investment into cybersecurity will help tackle harmful online content". Scottish Financial News. 12 October 2023. Archived from the original on 6 August 2024. Retrieved 11 May 2025.
  49. ↑ McConnell, Ian (25 April 2023). "Scottish National Investment Bank funds Aberdeen energy firm Verlume". The Herald. Archived from the original on 25 April 2023. Retrieved 11 May 2025.
  50. ↑ Wright, Scott (8 January 2024). "State-backed Scottish bank invests in cancer specialist". The Herald. Archived from the original on 10 January 2024. Retrieved 12 May 2025.
  51. ↑ "Trojan Energy secures £26m investment to drive on-street EV charging expansion". Scottish Financial News. 16 January 2024. Archived from the original on 6 August 2024. Retrieved 11 May 2025.
  52. ↑ "SNIB's £20m investment to help create green workforce". Scottish Financial News. 17 January 2024. Archived from the original on 6 August 2024. Retrieved 11 May 2025.
  53. ↑ "Edinburgh biotech firm raises £5m for dental decay detection tech". Scottish Finanical News. 2 April 2024. Archived from the original on 16 August 2024. Retrieved 11 May 2025.
  54. ↑ "Bank commits £6 million to EnteroBiotix's £27 million funding round". Scottish Financial News. 4 April 2024. Archived from the original on 6 August 2024. Retrieved 12 May 2025.
  55. ↑ "EV charge point operator given further £10m boost from Scottish National Investment Bank". Scottish Financial News. 11 June 2024. Archived from the original on 11 June 2024. Retrieved 12 May 2025.
  56. ↑ "iGii secures £8.8 million to accelerate nanomaterial innovation". Scottish Financial News. 18 June 2024. Archived from the original on 18 June 2024. Retrieved 12 May 2025.
  57. ↑ "SNIB invests £10m in Highland Broadband network to tackle digital inequality". Scottish Financial News. 15 August 2024. Archived from the original on 10 September 2024. Retrieved 12 May 2025.
  58. ↑ Reid, Scott (12 September 2024). "£20m Scottish public funding injection for firm behind 'world first' plan to revolutionise green air travel". Scottish Financial News. Archived from the original on 25 April 2025. Retrieved 12 May 2025.
  59. ↑ "Scottish AI robotics firm secures £7.9m to scale robotics in manufacturing". Scottish Financial News. 24 September 2024. Archived from the original on 5 October 2024. Retrieved 12 May 2025.
  60. ↑ "Scottish National Investment Bank helps develop Shetland's first mid-market rent homes". Scottish Financial News. 28 November 2024. Archived from the original on 11 April 2025. Retrieved 11 May 2025.
  61. ↑ "Pulpex raises £62m for fibre bottle factory near Glasgow". Scottish Financial News. 19 February 2025. Archived from the original on 19 February 2025. Retrieved 12 May 2025.
  62. ↑ "Scotland attracts over £850m in energy transition investment". Scottish Financial News. 27 February 2025. Archived from the original on 15 March 2025. Retrieved 12 May 2025.
  63. ↑ "Scottish funds back Aberdeen specialist NCIMB with £1.7m boost". Scottish Financial News. 29 April 2025. Archived from the original on 11 May 2025. Retrieved 11 May 2025.
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