MEMBER NEWS: BGF’s Glacier Energy investment to further shape energy services landscape

July 10, 2024
MEMBER NEWS: BGF’s Glacier Energy investment to further shape energy services landscape

Investment comes as the business makes two high-quality board appointments

BGF, one of the largest and most experienced growth capital investors in the UK and Ireland, announces a multi-million-pound investment in Glacier Energy, joining Averroes Capital as investors in the business.

BGF took a minority stake in the Aberdeen-headquartered energy services company after following its growth and expansion into the broader renewables market for a number of years.

With the support of Averroes and BGF, Glacier Energy will now continue the rapid growth delivered in the last two years, and is investing in additional manufacturing capacity and establishing a technician training academy. It will also pursue further strategic acquisitions.

Glacier Energy is a specialist provider of products, services, and engineered solutions for a wide range of industrial and energy markets. Its core capabilities include heat transfer and pressure vessels, machining, welding, and Non-Destructive Testing (NDT) and inspection services. These specialisms are well suited to the energy transition, and Glacier Energy has been instrumental in advancing in-demand hydrogen, carbon capture, and energy storage technologies.

Founded in 2011, the business has completed 11 acquisitions and has been an early-mover in leveraging its engineering and technical expertise to support low-carbon technologies. It directly employs 220 people plus 20 contractors, and is now recruiting further capacity.

Building on strong growth, and to realise further ambitions underpinned by new investment, the company recently welcomed Nick Horler as Non-Executive Chairman and Mark Ritchie as Group CFO.

Nick joined following a longstanding executive career across the energy, oil and related infrastructure industries in the UK and USA. Alongside his new role with Glacier Energy, he also Non-Executive Chairman of Horizon Energy Infrastructure and Smart Meter Assets. Nick was CEO of Scottish Power until 2010, following which he has held several non-executive roles with the Royal Mail, Go-Ahead Group, Thames Water, UK Power Reserve and more recently ESP Utilities group.

Mark is a member of the Chartered Institute of Management Accountants. Mark has over 20 years’ financial experience, ten years of which have been spent in Board level roles in private equity backed businesses. Prior to joining Glacier Energy, Mark was CFO of RCapital portfolio company Richard Irvin FM, and a key member of the management team that led the sale of the business to the RSK Group. He has worked in the Energy sector for a significant part of his career, with CFO roles at ICR Integrity (Graphite Capital) and AIM listed energy engineering company Enteq Technologies.

Richard Pugh, an Investor at BGF, said: “We have known Scott Martin for over ten years and have been impressed at how he and the team have grown Glacier Energy while also achieving success in a diverse set of high-growth markets. 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.”

Scott Martin, CEO of Glacier Energy, said: “We are thrilled to welcome BGF as a key partner in our growth journey alongside Averroes Capital. With BGF’s support and experience, we are well-positioned to accelerate our growth and further contribute to the development of sustainable energy solutions.

“The addition of Nick Horler and Mark Ritchie to the company’s board underlines our ambition. We have secured two of the best in the industry who will drive Glacier Energy to the next level.”

Simon Rowan, Partner, Averroes Capital, said: “We are delighted to bring BGF on board as a co investor and believe this will significantly enhance the undoubted growth prospects of Glacier Energy. The business has made large strides forward following our recent investment, and we look forward to seeing this positive momentum continuing alongside BGF”.

Get in touch

AREG is the original energy transition organisation, working on behalf of members to empower the energy supply chain and champion its expertise. Please get in touch if you have any questions or would like to find out more about membership.

AREG has played an important role in the growth of Scotland’s renewable energy sector, engaging the supply chain and developing the European Offshore Wind Deployment Centre. However, we are only at the very beginning of the transition that AREG was established to both lead and support so there are still opportunities for companies to get into the constantly evolving renewables supply chain. We look forward to continuing our work together as renewables builds on its place as Scotland’s main source of power, and as we seek to deliver real change in the crucial areas of heat and transport.

Scottish Renewables

Aberdeen & Grampian Chamber of Commerce has worked closely with AREG since its formation. The recent progress in the developments of offshore wind projects by Equinor and Vattenfall are as a result of the work of the group over many years. The north-east is known as the oil and gas capital of Europe. At the Chamber, we believe the region must evolve its position to being recognised as the energy capital. Whilst hydrocarbons will continue to be essential in driving our economy for years to come, the generation of renewable resources will play an increasingly important role in providing cost-effective power, innovative development and economic growth.

Aberdeen & Grampian Chamber of Commerce

The enthusiasm and dedication of the early group that would become AREG was fundamental in us choosing to launch All-Energy in Aberdeen. The first tiny show was held in 2001, and AREG’s Chairman at the time, Jeremy Cresswell, played such an active role that I often describe him in terms such as All-Energy’s ‘midwife’. All-Energy is now the UK’s largest renewable and low carbon energy exhibition and conference in terms of number of attendees, space booked, and number of exhibiting companies. As AREG became firmly established, their presence and support for the event grew spectacularly over the years. We thank them most sincerely for their invaluable input.


Vattenfall has forged a strong working relationship with AREG through the development of the European Offshore Wind Deployment Centre. AREG has worked tirelessly on behalf of the North East and it can take enormous credit for the growth of sustainable energy in the region and the path it has cleared for the region to capture further investment.


Aberdeen City and Shire is emerging as a key location for renewables by successfully transferring its world-class oil and gas expertise into the sector and AREG has done much to advance this through a broad range of initiatives. It has acted as a catalyst in driving further investment in the local economy by engaging with companies, Government, public bodies and existing projects and we have been pleased to support their efforts. Scottish Enterprise will continue to engage with AREG as we increase Scotland’s use of renewable energy.

Scottish Enterprise