The Scottish National Investment Bank is a Scottish state-owned investment and national development bank based in Edinburgh, Scotland. Although referred to as a bank, it does not do normal banking operations nor accepts deposits. The bank uses public money to fund commercial projects across Scotland with the hope that this seed capital will encourage further private investment, to help develop a fairer, more sustainable economy. £2 billion of taxpayers money is earmarked for the bank.
The bank is a public corporation, with the only shareholder being the Scottish Government. It reports to the Cabinet Secretary for Economy, Tourism and Transport.
History The bank was announced in September 2017 in the First Minister Nicola Sturgeon's 2017 Programme for Government.
Benny Higgins was appointed as a strategic adviser, to oversee the organisation launching. In February 2018 an implementation plan was launched.
The bill was introduced by Cabinet Secretary for Finance, Derek Mackay MSP. The Scottish National Investment Bank Act 2020 (asp 3) was passed by Parliament received royal assent in February 2020. The act legally obliged Scottish Ministers to establish a National Investment Bank for Scotland as both a public body as a publicly limited company, independent of the Scottish Government. The act states that "primary goal is to help Scotland transition to net-zero carbon emissions, while supporting small and medium-size enterprises." The bank was formally launched in November 2020.
In February 2022 Eilidh MacTaggart left the bank as Chief Executive. First Minister Nicola Sturgeon was questioned about the departure in the Scottish Parliament. The departure coincided with the publication of the Scottish Government's National Strategy for Economic Transformation which would direct the focus of future investments made by the bank. Ms MacTaggart subsequently insisted she left the bank for personal reasons, and received £117,500 having to work her notice period under the terms of her contract. In April 2023, Al Denholm was appointed Chief Executive.
As of May 2025, the bank had committed £712.7 million in investments.
Portfolio
DateCompanySectorValue (GBP) References 23 November 2020 M Squared Lasers Quantum technology12,500,00024 February 2021PfP CapitalMid-market rental housing40,000,00027 July 2021R3 IoTIoT satellite connectivity1,000,00029 July 2021ForevEV charging infrastructure2,000,00011 August 2021IndiNatureNatural fibre insulation3,000,00017 August 2021Gresham House Forestry FundWoodland creation50,000,0007 September 2021Nova InnovationNet zero6,400,00022 September 2021SunampNet zero6,000,00015 November 2021Iona Wind PartnershipNet zero13,000,0003 December 2021Strathcarron HomesHousing3,000,0007 January 2022Lothian Broadband GroupRural broadband20,000,00018 January 2022Highland Coast HotelsTourism4,450,00028 January 2022Aberdeen HarbourMarine infrastructure30,000,00031 March 2022TravelnestTourism3,000,0009 May 2022Circularity ScotlandDeposit-return scheme9,000,0009 May 2022ElasmogenPharmaceutical industry3,500,0004 July 2022Orbital Marine PowerRenewable energy4,000,00013 July 2022pureLiFiTelecommunications10,000,00018 July 2022Wavegarden ScotlandSurf technology26,000,0005 September 2022Trojan EnergyEV charging infrastructure9,000,000October 2022OrbexBio-fuel satellite launch17,800,000November 2022Social and SustainableSocial housing15,000,000December 2022North Start RenewablesRenewable energy operations50,000,000January 2023PneumoWaveBiosensor technology5,200,000March 2023UtopiData analytics platform5,000,000April 2023ForritCloud-based content5,000,000April 2023VerlumeRenewable energy6,600,000October 2023CyacombInnovative technology2,600,000October 2023Par EquityInnovative technology6,600,000January 2024Cumulus OncologyCancer treatment9,000,000January 2024Trojan EnergyOn-street EV charging infrastructure18,000,000January 2024Aurora Energy ServicesTraining relating to green energy supply chain20,000,000April 2024CalcivisDental decay detection4,000,000April 2024EnteroBiotixBiopharmaceuticals6,000,000June 2024FOR EVEV charging infrastructure10,000,000June 2024iGiiNanomaterial4,000,000August 2024Highland BroadbandBroadband network10,000,000September 2024ZeroAviaAircraft engines20,000,000September 2024Leap Automation (Leap AI)Artificial intelligence robotics7,900,000November 2024DITT ConstructionHousing730,000February 2025PulpexPackaging technology10,000,000February 2025Subsea MicropilesMarine anchor system for large offshore construction projects6,700,000April 2025NCIMBMicrobiology services
See also List of national development banks
References