This investment’s primary impact will be in relation to the Bank’s net zero mission but will also support the delivery of both our place and innovation missions.
IndiNature has developed a natural fibre construction insulation system for both new-build and retrofit housing, and commercial buildings, using hemp grown in the UK. The company’s core products result in a net carbon capture and use 1/8th of the energy to manufacture compared to current mainstream insulation materials.
IndiNature’s innovative insulation solutions have the potential to deliver significant reductions in embodied carbon in the construction process (c.4.4 tonnes of carbon can be saved building the average UK home compared with traditional products) and can enable the transition to net zero in the construction industry.
The Bank’s £5m investment will enable the company to establish its first manufacturing plant in Jedburgh, creating long term jobs and increasing economic activity in the Scottish Borders. Support from the Bank will also allow IndiNature to bring it's unique and exciting product range to market at scale.
Furthermore, the Bank’s investment will support the unlocking of significant grant funding provided by Zero Waste Scotland (£803k) and South of Scotland Enterprise (£250k).
Eilidh Mactaggart, CEO of the Scottish National Investment Bank said:
“Decarbonisation of the construction industry is a critical element of Scotland’s journey to net zero. IndiNature’s innovative natural fibre construction insulation has the potential to deliver significant reductions in embodied carbon in the construction process, thereby enabling a shift towards more sustainable buildings and construction practices for the long term.
It was clear through working with IndiNature that its products fundamentally supported the delivery of the Bank’s missions and that the Bank’s patient capital could help the company to achieve its growth aspirations, with the potential for positive economic benefits for Scotland as a result.”
Scott Simpson, Co-founder & CEO of IndiNature added:
"We couldn't be happier having the Scottish National Investment Bank back us - it's a strong mission fit.
"It feels great that we can move forward to create local Borders jobs and make insulation on scale in Scotland - insulation that's good for people's health and the planet.
"The demand for local, natural alternatives in construction is increasing. At IndiNature we love using crops from UK farmers - it's so critical the world moves faster toward what's known as the circular bio-economy by using plants in products, to reduce waste and naturally capture carbon.
"The fossil fuel era has to end - we can replace it with traditional natural materials and new cleantech innovations.
"Our news coincides with the latest IPCC (International Panel on Climate Change) report this week which calls for urgent action. IndiNature aims to be a Scottish showcase of positive action.