Ventex, the Scottish venture capital firm based in Aberdeen, has acquired Rovtech, a Cumbria-based manufacturing business, to accelerate its nuclear energy expansion.

Rovtech marks the third business to join Ventex, which is geared on repurposing companies, technologies, skills and experience in the supply chain to support renewable energy markets and goals.

The English company specialises in harsh environment manufacturing, mainly serving the nuclear and subsea energy sectors in the UK, France, Japan, and the US.

Following COP28 where 25 countries agreed that nuclear energy will be key in reducing carbon emissions, nuclear power generation is expected to increase three-fold by 2050.

“The miniaturisation of electronics and the progressive automation of tasks are reshaping this industry, and Rovtech is ideally positioned as a full-capability manufacturer,” Stuart McLeod, managing partner Ventex, said.

“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.”

Headquartered in Barrow-in-Furness, Rovtech has a growing market focused in decommissioning of large legacy nuclear portfolios worldwide, partnering with the government and the financial sector.

“With our support, investment, and access to new markets, Rovtech can achieve its full potential and accelerate the journey to net zero, ” Steve Gray, another managing partner of Ventex, said.

“Significant cost-savings can be enabled by Rovtech’s range of ROV sensors and tools, particularly in the offshore wind sector.

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“This will expedite offshore wind construction and help the UK meet its climate targets, aligned with our core mission.”

McLeod and Gray launched Ventex just earlier this month in Aberdeen.

Gray previously found and was the chief executive of ROVOP, a firm in the underwater vehicle rental market, and McLeod led oil and gas completions before launching the company.