Scottish venture capital firm Ventex has purchased Cumbria-based manufacturing company Rovtech, in a bid to boost its nuclear energy business. This marks the third business acquisition for Ventex, which is dedicated to repurposing companies, technologies, skills and experience in the existing supply chain to support renewable energy markets.
Rovtec specialises in harsh environment manufacturing and primarily serves the nuclear and subsea energy sectors in the US, Japan, France and the UK. Following a breakthrough at COP28, where 25 countries agreed that nuclear energy is key to carbon reduction, nuclear power generation is expected to treble by 2050.
Ventex managing partner Stuart McLeod stated: “The miniaturisation of electronics and the progressive automation of tasks are reshaping this industry, and Rovtech is ideally positioned as a full-capability manufacturer.
“Rovtech exemplifies a mature business that is unaware of its excellence and scale potential – it is a hidden gem, perfectly placed to support the energy transition and net zero supply chain.”
Based in Barrow-in-Furness, Rovtech has a growing addressable market in the decommissioning of large legacy nuclear portfolios worldwide – together with government and financial sector support for new projects. Steve Gray, Ventex’s other managing partner, commented: “With our support, investment, and access to new markets, Rovtech can achieve its full potential and accelerate the journey to net zero.”
“Significant cost-savings can be enabled by Rovtech’s range of ROV sensors and tools, particularly in the offshore wind sector.”
“This will expedite offshore wind construction and help the UK meet its climate targets, aligned with our core mission.”
Ventex is a new venture launched in Aberdeen last month by Mr McLeod and Mr Gray, reports Scottish Business Insider. Mr McLeod led oil and gas completions and commissioning technology firm QEDI through to its £33m acquisition by Amec, while Mr Gray is the founder and former CEO of ROVOP, a global player in the remotely operated underwater vehicle rental market recently sold to Chouest. The duo also recently added former KPMG and PwC deal-maker Rob Aitken to their leadership team.
The acquisition of Rovtech follows investments in Aberdeen-based High Performance Robotics and decommissioning-focused artificial intelligence firm Rahd, headquartered in Perth, Australia. Ventex announced that it will be making further investment announcements before the year ends.
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