The Scottish National Investment Bank has boosted its investment in an Edinburgh company that makes hemp fiber-based insulation for the construction industry.
The bank announced it has added £2 million (€2.25 million) in investment for Industrial Nature Ltd (IndiNature) to £3 million (€3.38 million) advanced the company in August 2021.
IndiNature, which makes hemp fiber-based thermal insulation batt for homes and commercial buildings, said it will use the money to upgrade and add equipment, and develop thermal acoustic boards and other products based on hemp that it sources from UK growers.
The investment also supports the hiring of “an ambitious, dynamic and commercially minded CEO to join the Executive Team to lead the business for this next phase of growth,” according to an IndiNature press release.
The first £3 million investment was used by the company to establish a new factory at Jedburgh in the Scottish Borders. The company also received an £800,000 grant from Zero Waste Scotland’s Circular Economy Investment Fund, and £250,000 from South of Scotland Enterprise, an economic development agency.
“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, said current IndiNature CEO and co-founder Scott Simpson.