According to Insider, the Scottish National Investment Bank is investing an additional £2 million ($2.4 million) in IndiNature Mill, which makes IndiTherm, a hemp-based insulation, following an initial £3 million ($3.6 million) investment in 2021. The 2021 investment freed up an additional £800,000 ($971,248) in grant money from Zero Waste Scotland’s Circular Economy Investment Fund and £300,515 ($43,585) from South of Scotland Enterprise.
Since its initial investment in the company, the Scottish National Investment Bank has “seen IndiNature go from strength to strength,” and the bank is “delighted to continue to support them through this planned scale-up stage,” as executive director for investment portfolio management Andy Clapp told Insider.
The bank is “grateful to have an impact investor like IndiNature following on their original investment for this next stage of expansion,” said IndiNature CEO and co-founder Scott Simpson, “an investor aligned with our objective to generate positive impacts on scale for the environment and people’s health.”
IndiTherm is manufactured from industrial hemp grown on farms all throughout the United Kingdom. Biobased insulation is made to be used in both new and old buildings, as well as off-site construction.
Ganjapreneur says that the company’s high-density thermal and acoustic IndiBoards will be available this year, along with the rest of the IndiBreathe system.