Aberdeen-headquartered clean energy group D2Zero has secured a £150 million lending facility to target further acquisitions.
First launched in January this year, D2Zero brought together five companies owned by Texas-based private equity firm SCF Partners creating a group with £500m turnover.
Since then, the company has completed two further acquisitions including Hull-based OSL Consulting Engineers and Aberdeen flow measurement consultancy Kelton Engineering.
The group now employs more than 4,000 people and operates across energy transition sectors including emissions reduction, green hydrogen and carbon capture and storage.
D2Zero chief executive Bob Drummond said the lending facility, backed by OakNorth, HSBC, Natwest and Virgin Money, leaves the company “well-positioned for the future”.
“D2Zero is at the forefront of the energy transition, helping our clients meet the dual challenge of decarbonising traditional energy sources, whilst accelerating the transition to renewable energy,” Drummond said.
© Supplied by BP“Less than a year into our journey as a group, we have made great strides, successfully completing the acquisition of several companies.”
‘Financial firepower’
OakNorth, which contributed £23m to the pot, said the £150m lending facility will give D2Zero the “financial firepower” to pursue further acquisitions.
OakNorth director of debt finance Stuart Blair added: “The businesses that made up D2Zero at the time of its creation, have a long-standing history of providing often mission critical products and maintenance services to large blue-chip corporates.
“The group has benefitted from tailwinds of the global transition to net zero, and has capitalised on geopolitical shifts towards energy diversification, playing a fundamental role in the decarbonisation of core end markets which are considered critical infrastructure.”
Billed as one of Scotland’s fastest growing companies, D2Zero also announced a new headquarters in Aberdeen’s Energy Transition Zone (ETZ) in September.
Other firms under the D2Zero umbrella include Score Group, Hydrasun, Fuel Cell Systems, Powerstar and Nexos – formerly called Global E&C.
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