Edinburgh-based renewables company Sustainable Marine Energy (SME) has entered administration, in a blow for the Scottish Investment Bank (SIB), which now faces a loss of up to £1 million.
In April 2019, the Scottish Investment Bank, which is part of Scottish Enterprise, invested £1 million into the renewable energy company SME during a £3.6 million funding round. The company is a subsidiary of a parent company in Canada which, in May this year, became insolvent after its permit to operate in Canada was withdrawn. It is understood that these developments in Canada then had financial repercussions for the subsidiary in Scotland.
Author: Harry Clynch
This article was updated on 16/08/23 to remove references to the Scottish National Investment Bank (SNIB). The Scottish Investment Bank is a separate organisation that forms part of Scottish Enterprise.
