Ambitious plans to create a £1 billion company in the South of Scotland have received a major boost after a near-£1 million investment from the region’s economic and community development agency.
South of Scotland Enterprise (SOSE) has invested in pioneering carbon capture firm The Carbon Removers, headquartered near Dumfries, to help kickstart a wider fundraising round that aims to accelerate the company’s expansion across the UK and Europe.
The early-stage investment is intended to unlock further private funding, supporting growth plans that hopes to see the business generate annual revenues of £1 billion by 2034/35.
The Carbon Removers aims to remove one million tonnes of carbon dioxide per year by 2030 through the expansion of carbon sequestration projects. The company actively captures CO₂ from biogas and the whisky industry and is now scaling up operations internationally.
Founded by brothers Ed and Richard Nimmons, The Carbon Removers is the only UK company to have been granted a licence to permanently store carbon in Denmark and is involved in the EU’s first CO₂ storage facility.
SOSE plans to convert its loan into an equity stake, supporting the South of Scotland’s transition to net zero, particularly within the agriculture, whisky and bioenergy sectors.
The investment is also expected to deliver significant business and market growth for the region, further strengthening its reputation as a place to do business.
Deputy First Minister Kate Forbes said: “Carbon Capture and Storage (CCS) is of the utmost importance to Scotland’s climate and economic transition to net zero – without it we couldn’t reduce emissions from the hardest-to-abate sectors, including chemicals, cement and certain aspects of power generation.
“CCS uses many of the same skills as the oil and gas industry and will sustain skilled employment across the supply chain.
“It’s great to see SOSE supporting a home-grown company that is leading the charge both here and in Europe. This will create further jobs and boost the economy, both for the region and across Scotland.”
Richard Nimmons, co-founder of The Carbon Removers, said: “We are delighted to be expanding our close working relationship with SOSE and the region.
“We are proud to be based in the South of Scotland and excited to grow our carbon capture expertise internationally.”
Russel Griggs, chair of SOSE, added: “We have worked closely with The Carbon Removers from the very beginning of their journey, which included playing a vital role in the roll-out of the Covid Pfizer vaccine.
“They have since grown and diversified into international carbon removal and storage, all from their original site in the tiny village of Crocketford, where they continue to be based.
“They have shown that a rural location is no barrier to innovation, and we look forward to seeing The Carbon Removers continue to grow and prosper.”
