Firm secures £1 million from enterprise agency

A MILLION pound investment has been made in one Dumfriesshire firm by the South of Scotland Enterprise (SOSE).

The money will be used by the Crocketford-based Carbon Removers to kickstart a larger fundraising campaign to help accelerate their expansion across the UK and Europe.

And the company’s ultimate aim is to become a £1 billion business in the next decade.

Founded by brothers Ed and Richard Nimmons, pictured, The Carbon Removers actively capture carbon dioxide from biogas and the whisky industry.

Their plan is to remove one million tonnes per year by 2030 by expanding carbon sequestering projects.

European expansion is on the cards and they have already secured a storage licence to permanently remove carbon from Denmark and the EU’s first CO2 storage facility.

SOSE bosses appear confident their funding will unlock a wider investment round and “ultimately lead to the business generating an annual revenue of £1billion by 2034/35”.

They say the plan is to eventually convert the loan to an equity share in The Carbon Removers.

Director of investment and sustainable enterprise Martin Valenti, said: “We want to unlock ambition at every level – which is why we are backing The Carbon Removers team and their aim to generate £1bn per year.”

SOSE chair Russel Griggs added: “They have demonstrated that a rural location should be no barrier to innovation, and we look forward to seeing The Carbon Removers continue to grow and prosper.”

Commenting on the deal, co-founder Richard Nimmons said: “The Carbon Removers is delighted to expand our close working relationship with SOSE and the region.

“We are proud to be based in the South of Scotland and are excited to grow our carbon capture skills internationally.”

Meanwhile, the firm was one of those being showcased at a Scottish Parliament reception last night, where its potential was flagged up by Deputy First Minister Kate Forbes. She said: “Carbon Capture and Storage (CCS) is of the utmost importance to Scotland’s climate and economic transition to net zero.

“CCS uses many of the same skills as the oil and gas industry and will continue skilled employment across the supply chain.

“It’s great to see SOSE supporting a home-grown company leading the charge both here and in Europe. This will create further jobs and boost the economy both for the region and across Scotland.”