Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

North-east entrepreneurs launch investment fund for renewable energy companies

Doug Duguid, left, and Michael Buchan have launched I7V to support fledgling technology firms in the renewables sector.
Doug Duguid, left, and Michael Buchan have launched I7V to support fledgling technology firms in the renewables sector.

North-east entrepreneurs Doug Duguid and Michael Buchan have launched a multimillion-pound investment fund to support fledgling technology companies in the renewable energy industry.

The former EnerMech duo – Mr Duguid, 58, co-founded and led the Aberdeen-based mechanical and electrical services company as chief executive, while Mr Buchan, 54, was another founding partner and its chief financial officer – have formed Indigo 7 Ventures (I7V).

In 2008, the pair teamed up with two other former directors of PSL Energy Services, Derek Grant and Phil Bentley, to establish EnerMech.

They went on to develop EnerMech into a global engineering services firm that was acquired by Carlyle Group two years ago in a £450 million deal.

Previously, the duo led pipeline and well interventions specialist PSL and grew it into a global business which was acquired by Halliburton, in 2007, in a £128m deal.

I7V will invest upwards of six figure sums in start-up businesses specialising in environmental sustainability and energy transition.

Other members of Mr Duguid’s immediate family are also shareholders in the new Aberdeen-based company.

There is a seven-strong team beind the fund, which has already made a number of “substantial” investments in UK and South African-based businesses. Details of these deals have not been disclosed but they are expected to emerge soon.

I7V’s founders believe their extensive experience in sourcing finance, setting up businesses in different geographic locations, arranging international joint venture agreements and navigating tax and regulatory requirements, will differentiate their new investment company from traditional funders.

In tandem, I7V will also set up its own renewables services, inspection and repair business in wind, solar and hydrogen markets, with a strategy aimed at establishing an international presence.

Mr Duguid said: “The energy industry is changing and it is clear that over the next few decades we need to move away from traditional hydrocarbon production, and manage energy transition into renewable sources.

“Michael and I have built two international businesses and have learned a lot of lessons, good and bad, along that journey.

“We believe we can help new and emerging companies to avoid some of the pitfalls that befell us as we transformed those businesses into global players.”

He added: “The companies we will invest in will be able to draw on our considerable range of experience in operations, finance, fundraising, back office and HR, and can, therefore, concentrate on the really important stuff such as R&D and a successful market entry.

“It is often difficult to secure early-stage funding for new businesses, particularly in the current environment when the economy is taking a pounding.

“We have experienced those difficulties ourselves and, therefore, we are setting out our stall to be a more flexible type of investor without some of the constraints faced by traditional financiers.”

Mr Duguid said I7V was looking to support companies developing new technologies which can offer “innovative thinking” to solve emerging problems in the renewables sector.

“Scotland in many respects is a world leader in renewables,” he said, adding: “But it needs people with smart ideas to genuinely drive forward our energy transition.

“I7V will play its part by investing in innovative technology companies which can facilitate that change.”

Already a subscriber? Sign in

[[title]]

[[text]]