Venture-capital group Energy Ventures said yesterday it had more than £70million at its disposal for investment in hi-tech companies working in the upstream oil and gas sector.
Energy Ventures managing partner Ole Melberg confirmed the company, along with its partners, had already invested about £68million in UK companies and helped to create more than 200 jobs.
The portfolio companies are spread throughout the UK, Norway and US and include Aberdeen-based Sigma Offshore and Futuretec.
Mr Melberg said: “Many very competent and profitable businesses are under pressure because their growth has been predicated on the availability of bank funding which is no longer readily available.
“We are in a position where we are ready and willing to invest up to £14million in companies which meet the right criteria.”
Greg Herrera, a partner in Energy Ventures’ Aberdeen office, added: “We know there are a significant number of exciting companies out there which have limited access to funds and would benefit from new capital to drive growth.
“Our focus is to invest equity in companies which offer unique technologies or services with significant international market potential.”
Energy Ventures showcased 16 portfolio companies in which it has invested at an event in Aberdeen last night attended by 200 oil and gas industry, banking, investment and law firm delegates.
The exhibition of upstream technology companies in the Marcliffe Hotel also marked the Norway-based company’s investment in new offices and key personnel in Aberdeen, where it now employs four.
The venture-capital firm has also invested in an office-incubator service at its new premises in Aberdeen’s Albert Street, which can be offered to start-up companies looking to get off the ground while minimising costs.
Established in 2002, Energy Ventures manages and advises three venture funds with total committed capital of £246.5million.
Its HQ is in Stavanger, with offices in Aberdeen and Houston.
Private-equity investor 3i said yesterday that while businesses in its portfolio had continued to perform relatively well, valuations would inevitably be affected by further falls in quoted markets since December 31.
Earlier, 3i reported an estimated 21% fall in the value of its top 50 investments in the final quarter of 2008.
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