Par Equity is delighted to announce the completion of a £1.6m investment round into EC-OG. This investment is the first through which we welcomed British Business Bank as our latest investment partner, the first of many co-investment deals to come.
EC-OG will use the funds to support its growth plans, which focus on the exploitation of its innovative Halo battery storage system designed for subsea applications. The investment will create up to 40 jobs in Aberdeen over the next 12 months.
Halo is a modular and scalable battery storage system that operates in the demanding subsea environment. By removing the need for undersea power cables, it provides a reliable, uninterrupted power supply, located at the point of use. Halo provides a temporary, permanent or back-up deep sea electrical power solution at a fraction of the cost of alternatives.