A new venture studio that’ll focus on “refounding” and “repurposing” promising climate technology firms has been launched in Aberdeen.

The studio, named Ventex, is managed by Scottish tech entrepreneurs Steve Gray, founder of remotely operated vehicle (ROV) services company ROVOP, which was acquired earlier this year, and Stuart McLeod, who led oil and gas completions and technology firm Qedi through its £33m acquisition.

From its north east base, the climate tech venture studio will work to repurpose companies, technologies, skills, and experience in the existing supply chain to accelerate the transition to net zero.

Additionally, the studio will invest in early-stage firms which possess significant potential in assisting with tackling the climate crisis.

Ventex has completed two investments so far, with fellow Aberdeen-based ROV inspection company High Performance Robotics (HPR), and Perth, Australia-headquartered decommissioning-focussed AI firm Rahd ai receiving the funding.

The managing partners believe that, by refounding and repurposing high-potential companies, the venture studio can unlock significant value. Further, that it can help with anchoring renewable energy jobs in communities which already yield most of the skills and infrastructure to assist with a faster transition.

Speaking on the new venture studio and its mission, McLeod himself said: “Scaling repurposed solutions at the pace required by the climate emergency enables Ventex to unlock value in the new industrial revolution.

“Rather than relying solely on start-ups, which burn cash and have higher barriers to entry to build trust and credibility, we will leverage the track record of proven concepts.

“The valuation multiples for many energy service companies have hit an all-time low due to the current political environment in the UK.

“By opening up renewable energy opportunities for our portfolio, Ventex secures a dramatic upgrading of their valuation multiples, unlocking long-term value, enabling access to growth capital and rerating the economic trajectory of entire communities.”

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Gray further explained: “A generation of oil and gas service companies have been left in a decade long permafrost.

“This began with the downturn in 2014, followed by Covid just as recovery had begun, and then the current political environment. This has starved companies of the capital, skills and courage they need to take advantage of the transition.

“The energy transition and journey to net zero represent the largest industrial and investment opportunity globally, but investment is held back by a dichotomy; a toxic political environment around oil and gas on the one hand, and the difficult financial metrics around renewables on the other.

“By underpinning a validated venture studio playbook, or growth strategy, with the track record of delivery, cashflow, and customers of a mature business, we solve that dichotomy.”

The leadership board for Ventex is currently being finalised. It’ll also be announcing further investments in the coming weeks.