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Our Corporate Finance team are pleased to have supported the Scottish National Investment Bank (SNIB) by conducting financial and tax due diligence for their recent investment in Subsea Micropiles Ltd. This funding round, led by SNIB with an investment of £6.7 million, was complemented by a £2.5 million co-investment from Marubeni-Itochu Steel Inc., bringing the total to £9.2 million. The investment will help drive forward Subsea Micropiles’ pioneering marine anchor technology.
Subsea Micropiles, with headquarters in Dublin and an office in Banchory, Aberdeenshire, develops advanced marine anchor systems designed to reduce costs and minimize environmental impact for offshore construction projects. Their technology is versatile, accommodating different load capacities and soil conditions, which is particularly beneficial for the growing floating offshore wind sector. Importantly, their system has a lower carbon footprint as it requires smaller vessels and provides a quieter, low-vibration alternative to traditional piling methods, reducing disturbances to marine ecosystems.
The funding will support Subsea Micropiles in scaling up operations in Scotland, including the establishment of a new manufacturing facility. Over the next five years, this expansion is expected to create around 100 jobs. This investment not only strengthens Scotland’s offshore wind supply chain but also demonstrates the nation’s commitment to driving the energy transition and progressing towards net-zero targets.
Read the full article here.