Green growth

Investors warm to Glacier Energy’s expansion plans

Nick Horler, left, with Scott Martin, Group CEO of Glacier Energy, and Mark Ritchie, Group CFO

Glacier Energy, the Aberdeen-based energy services company, has received further investment as it adds manufacturing capacity and a training academy, and pursues more acquisitions.

BGF and Averroes Capital have provided a multi-million pound package for Glacier whose core capabilities are suited to the energy transition. Glacier has been instrumental in advancing hydrogen, carbon capture, and energy storage technologies.

Founded in 2011, the business has completed 11 acquisitions and has 220 staff as well as 20 contractors, and is currently recruiting.

It recently took on Nick Horler, an energy veteran and CEO of ScottishPower until 2010, as non-executive chairman, and Mark Ritchie as Group CFO. Mr Ritchie has more than 20 years’ financial experience, ten of which have been spent in board level roles in private equity backed businesses.

Richard Pugh, an Investor at BGF, said: “We are really excited about the scale of ambition, involving investment across multiple sites in Scotland, as well as in Yorkshire and the North East of England. It is also great to invest in a business that is already working with other portfolio companies.”

Simon Rowan, Partner, Averroes Capital, said Glacier “has made large strides forward following our recent investment, and we look forward to seeing this positive momentum continuing alongside BGF”.

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