Aberdeen climate tech venture studio Ventex has acquired a specialist manufacturing firm as it seeks to accelerate the global expansion of nuclear energy.
Cumbria-based Rovtech is the third business to become part of Ventex which was launched last month by Stuart McLeod and Steve Gray.
The harsh environment specialist primarily serves the nuclear and subsea energy sectors in the US, Japan, France, and the UK.
Managing partner Stuart has described it as a “hidden gem” and “perfectly placed to support the energy transition”.
Rovtech highly experienced
Rovtech, acquired for an undisclosed sum, is known for its precision ROV and stand-alone monitoring and intervention systems capable of withstanding radiation, extreme heat, and deep ocean environments.
In 1988 Rovtech provided the first ROV to be used in a nuclear facility, leading to further ROV usage in nuclear ponds at Sellafield.
Stuart said: “Rovtech has supplied world-class products for critical energy industries for over 20 years.
“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.”
Target new markets
Headquartered in Barrow-in-Furness, Ventex believes Rovtech’s reputation in demanding environments also positions the firm perfectly for the opportunities in offshore floating wind.
Steve said: “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 plans
Ventex will primarily focus on repurposing companies, technologies, skills and experience in the existing supply chain to support the transition to net zero.
It is also investing in early-stage companies with technologies which have significant potential to help solve the climate crisis.
Steve and Stuart are both well-known businessmen with Steve a founder of Aberdeenshire firm Rovop and Stuart previously leading oil and gas firm Qedi through its £33 million acquisition.
The pair have recently added former KPMG and PwC dealmaker Rob Aitken to the Ventex leadership team as they seek to repurpose the supply chain to seize green energy opportunities.
The studio’s first two investments were Aberdeen-based High Performance Robotics (HPR) and decommissioning-focussed artificial intelligence firm Rahd, which is headquartered in Perth, Australia.
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