Climate tech venture studio Ventex has grabbed hold of a remote survey firm that specialises in the nuclear industry.
It is the third such deal for Ventex which launched just last month with the aim of growing companies with technologies that have significant potential to help solve the climate crisis.
Cumbria-based Rovtech Solutions deployed the first remotely operated vehicle (ROV) to be used in nuclear facility when it was deployed at Sellafield in 1988. This lead to the firm developing a track record of precision ROV and stand-alone monitoring and intervention systems capable of withstanding radiation, extreme heat, and deep ocean environments.
© Supplied by VentexThe harsh environment manufacturing specialist primarily serves the nuclear and subsea energy sectors in the US, Japan, France, and the UK. Sellafield, which is in charge of managing and cleaning up the disused nuclear site, remains its largest client.
Ventex acquired the Barrow-in-Furness-based firm from directors Graham McAvoy, Stephan Phelps and Barry Vernon who had in turn led a management buyout of the firm in 2017.
Ventex said the business fit its model which is focussed on repurposing companies, technologies, skills and experience in the existing supply chain to support renewable energy markets.
Ventex believes Rovtech is set to benefit from long-term demand growth through the decommissioning of large legacy nuclear portfolios worldwide – together with government and financial sector support for new projects
Ventex pointed to research which suggests nuclear power generation is expected to treble by 2050 following a breakthrough at COP28 where 25 countries agreed that nuclear energy is key to carbon reduction.
Major global banks including Goldman Sachs, Barclays, Morgan Stanley and Citibank all declared support for nuclear investment at last month’s New York Climate Week, some for the first time.
Ventex also believes Rovtech’s reputation in demanding environments also positions the firm perfectly for the opportunities in offshore floating wind.
Ventex managing partner Stuart McLeod 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.”
Ventex managing partner Steve Gray added: “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 was launched in Aberdeen last month by McLeod and Gray. Both have a track record of success in building global businesses.
Gray was the founder and former chief executive of ROVOP, now a leading global player in the ROV rental market, recently sold to Chouest.
McLeod led oil and gas completions and commissioning technology specialist QEDI through to its £33 million acquisition by Amec .
The pair recently added former KPMG and PwC dealmaker Rob Aitken to the Ventex leadership team.
The acquisition on Rovtech follows Ventex investments in Aberdeen-based High Performance Robotics (HPR) and decommissioning-focused artificial intelligence firm Rahd, headquartered in Perth, Australia.
HPR is broadening its expertise by extending its cost-efficient inspection services from the oil and gas sector to also encompass the offshore wind market.
Meanwhile, Rahd’s AI technology is poised to dramatically reduce decommissioning costs for North Sea operators.
Ventex said it has a “strong investment pipeline” and will be making further investment announcements before the end of the year.
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