A CLYDESIDE laser technology firm is the first company backed by the new Scottish National Investment Bank (SNIB), it has been announced.
The Edinburgh institution launches today. It’s backed with £2 billion of Scottish Government funding to run over its first decade and is charged with investing in businesses and projects that will help the country meet its 2045 net-zero carbon target, address postcode inequality and foster innovation in the private sector.
The proposal for its set-up was passed unanimously by MSPs in January and First Minister Nicola Sturgeon has described the project as “one of the most significant developments in the lifetime of this parliament”.
Announcing its first investment – in Glasgow-based laser technology firm M Squared – chairman Willie Watt says the bank should not be seen as a political body.
READ MORE: 150 Scottish firms to take part in world's first virtual Christmas market
And he told the PA news agency that while profit targets for the bank will be set in the coming months, he does not expect money to be flowing into the bank for the first few years. Watt said: “I want it to become a trusted institution that is seen as being owned by the whole of Scotland – a non-political, cornerstone institution in the investment landscape in Scotland.
“I want it to have a list of really good investments against each of those three missions so we can look back and say that we actually invested against these missions.”
Funding will be provided in multiple forms, according to Watt, including through loans and equity purchases.
A supplier to the medical, space technology, oil and gas and advanced manufacturing sectors, M Squared makes light-based applications for quantum technology, biophotonics and chemical sensing. Its founder Dr Graeme Malcolm said: “Science and advanced technologies have a major role to play in Scotland’s future economic prosperity. By increasing investment in research and development with a mission-based approach, Scotland has a real opportunity to actively tackle climate change and benefit from the coming quantum revolution.
“We are delighted that the Scottish National Investment Bank has invested in M Squared as its very first business. Our shared commitments to society and the environment makes this an ideal partnership that will enable accelerated growth and progress in frontier technologies.”
READ MORE: Scottish wind firm under fire over alleged tax avoidance
Sturgeon commented: “The Scottish National Investment Bank will help to tackle some of the biggest challenges we face now and in the years to come, delivering economic, social and environmental returns.
“It is hitting the ground running with its first major investment in M Squared – a great example of the ambitious and innovative companies we have here in Scotland that will be key to our economic recovery and future prosperity. The launch of the bank is one of the most significant developments in the lifetime of this parliament, with the potential for it to transform, grow and decarbonise Scotland’s economy.”
Why are you making commenting on The National only available to subscribers?
We know there are thousands of National readers who want to debate, argue and go back and forth in the comments section of our stories. We’ve got the most informed readers in Scotland, asking each other the big questions about the future of our country.
Unfortunately, though, these important debates are being spoiled by a vocal minority of trolls who aren’t really interested in the issues, try to derail the conversations, register under fake names, and post vile abuse.
So that’s why we’ve decided to make the ability to comment only available to our paying subscribers. That way, all the trolls who post abuse on our website will have to pay if they want to join the debate – and risk a permanent ban from the account that they subscribe with.
The conversation will go back to what it should be about – people who care passionately about the issues, but disagree constructively on what we should do about them. Let’s get that debate started!
Callum Baird, Editor of The National
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel