I7V energy stalwarts keen to invest in start-ups
Seeking out opportunities; Doug Duguid and Michael Buchan
Two energy industry entrepreneurs have launched an investment company to support fledgling technology enterprises.
Doug Duguid and Michael Buchan have formed Indigo 7 Ventures (I7V) which will have a focus on start-up businesses specialising in environmental sustainability and energy transition.
The pair have created a fund to invest upwards of six figure sums in a small stable of innovative companies working in the renewables sector.
Mr Duguid was chief executive of EnerMech, and Michael Buchan chief financial officer. The pair founded the company in Aberdeen in 2008 and developed it into a global engineering services company, subsequently acquired in a multi-million pound deal by The Carlyle Group.
Previously, the pair led pipeline and well interventions specialist PSL Energy Services, and grew it into a global business which was later acquired by Halliburton in a £128 million deal in 2007.
I7V will also set up a renewables services, inspection and repair business in the wind, solar and hydrogen space, 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 that we can help new and emerging companies to avoid some of the pitfalls that befell us as we transformed those businesses into global players.
“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.”
I7V have already made a number of substantial investments in UK and South Africa-based businesses.
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