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AAB secures deals worth £5.5m for energy technology firms

Alasdair Green, director and lead of the Energy team at AAB.
Alasdair Green, director and lead of the Energy team at AAB.

Investors with an appetite for energy technology have indulged in a range recent funding deals with Scottish companies worth £5.5 million, according to advisers

Aberdeen-based Anderson Anderson & Brown (AAB) has worked on three transactions for its clients in recent months including for Intebloc, Forev and isol8 in what it described as a growing sector.

AAB helped crane and lifting technology company Intebloc, which is based in Aberdeen, secure significant investment from Stena Drilling in exchange for a 30% stake in its business.

The firm also advised on the £2m investment from The Scottish National Investment Bank into Forev, the electric vehicle charging network owner and operator whose goal is to bolster the EV charging infrastructure in Scotland.

More recently, AAB supported isol8 in a transaction to secure £3.5 million of funding from BGF.

Isol8 – founded in 2017 and based in Altens in Aberdeen – is believed to be the only company to use underwater soldering to create metallurgically bonded alloy barriers to seal off oil and gas wells.

Healthy investor appetite for energy technology

AAB director and lead of energy team Alasdair Green, said the deals represented an increasing trend driven by demand for smarter and cleaner energy.

Founder and chief executive of Forev, Lindsay Wallace.  Photo by Paul Chappells

He said: “Positive interest in these three diverse and growing companies not only demonstrates healthy investor appetite for and commitment to energy technology, it also highlights the diversity of progressive innovation that can be found in this sector.

“Whereas conventional investor themes such cost reduction, efficiency improvements, high quality management teams and clear business strategies will always be core, emerging themes demonstrated by these fund-raising transactions include growing interest in green energy and clean tech, digitalisation and emissions control.

“As the energy sector and wider economy recover from the pandemic, and continue to adapt to dynamic and changing market pressures, it is extremely encouraging to see companies grow through innovating and developing new technology.

“At AAB, we are very proud to have supported these three recent deals which exemplify the increased demand for our services that we are experiencing from the energy technology sector.”

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