AN ABERDEEN energy firm has received a multi-million pound investment in a milestone move amid expansion and growth plans.
Growth capital investor BGF has taken a minority stake in Glacier Energy, joining Averroes Capital as investors in the business, after tracking its growth and expansion into the broader renewables market for several years.
With the joint backing, Glacier Energy aims to sustain its rapid growth trajectory, invest in additional manufacturing capacity, establish a technician training academy and also plans to pursue further strategic acquisitions.
Founded in 2011, Glacier Energy specialises in providing products, services, and engineered solutions for industrial and energy markets.
The company’s core capabilities include heat transfer and pressure vessels, machining, welding, and non-destructive testing (NDT) and inspection services.
These skills are crucial for the energy transition, and Glacier has played a key role in advancing technologies for hydrogen, carbon capture, and energy storage.
Over the past decade, Glacier Energy has completed 11 acquisitions and has been a pioneer in leveraging its engineering expertise to support low-carbon technologies.
The company employs 220 people directly and 20 contractors, with plans to recruit additional staff to support its growth.
To support its ambitions, Glacier Energy recently appointed Nick Horler as non-executive chairman and Mark Ritchie as Group CFO.
Nick Horler brings extensive experience from his executive career in the energy, oil, and infrastructure industries in the UK and USA.
He is also non-executive chairman of Horizon Energy Infrastructure and Smart Meter Assets and has held non-executive roles with several major organisations, including Scottish Power, Royal Mail, and Thames Water.
Mark Ritchie, a Chartered Institute of Management Accountants member, has over 20 years of financial experience, including ten years in board-level roles in private equity-backed businesses.
His previous roles include CFO positions at Richard Irvin FM, ICR Integrity, and Enteq Technologies.
Richard Pugh, an investor at BGF, commented: “We have known Scott Martin for over ten years and have been impressed at how he and the team have grown Glacier Energy while also achieving success in a diverse set of high-growth markets.
“We are really excited about the scale of ambition, involving investment across multiple sites in Scotland, as well as in Yorkshire and the North East of England.
“It is also great to invest in a business that is already working with other portfolio companies.”
Scott Martin, CEO of Glacier Energy, expressed his enthusiasm for the new partnership: “We are thrilled to welcome BGF as a key partner in our growth journey alongside Averroes Capital.
“With BGF’s support and experience, we are well-positioned to accelerate our growth and further contribute to the development of sustainable energy solutions.
“The addition of Nick Horler and Mark Ritchie to the company’s board underlines our ambition.
“We have secured two of the best in the industry who will drive Glacier to the next level.”
Simon Rowan, partner at Averroes Capital, added: “We are delighted to bring BGF on board as a co-investor and believe this will significantly enhance the undoubted growth prospects of Glacier Energy.
“The business has made large strides forward following our recent investment, and we look forward to seeing this positive momentum continuing alongside BGF.”
