London-based Venterra Group, an offshore wind energy services company, announced that it has secured £150M (approximately €175.35M) through equity financing from BeyondNetZero and existing investor First Reserve, as well as debt financing.
Venterra says it will use the funds to acquire from its deal pipeline and invest in existing and future Venterra member companies.
The investor
Earlier this month, Venterra announced that BeyondNetZero, a companion fund for General Atlantic’s climate investments, will be the lead investor in Venterra’s fourth fundraising round.
General Atlantic’s BeyondNetZero fund aims to back growth companies that develop innovative climate solutions to achieve and surpass net zero emissions targets. These solutions focus on areas like decarbonisation, energy efficiency, resource conservation, and emissions management.
With this deal, Lord Browne, Chairman of Climate & Sustainability Investing at General Atlantic, will become a Non-Executive Director of Venterra Group.
Browne says, “BeyondNetZero is looking to partner with companies like Venterra who can help move the needle against climate change. Venterra is playing a leading role in addressing the wider supply chain challenges facing offshore wind, an industry that is a critical part of the clean energy transition.”
“We are excited to work with the innovative leadership team at Venterra as they continue to build the business by expanding their geographic footprint and through strategic acquisitions.”
Acquisition of CAPE Holland
Earlier this month, Venterra Group also announced the acquisition of Dutch-based CAPE Holland, a company that claims to be a market leader in offshore vibro-piling.
Vibro-piling is a method used for installing and removing monopile foundations that support larger turbine sizes in offshore wind farms.
The acquisition is set to be completed in the next few weeks, indicating Venterra’s commitment to advanced solutions in the growing renewable energy sector.
CAPE Holland specialises in innovative offshore vibro-piling technology utilising “unique” Vibro Lifting Tools for efficient installation and removal of seabed foundations. The company was founded in 2002 and is currently led by the 5th generation of the “de Neef family” Laurens de Neef.
The tools offered by CAPE Holland provide advantages like faster installation, reduced noise, and environmental responsiveness. With over 60 employees, the company’s tools are used globally by developers and contractors.
Laurens de Neef, CEO of CAPE Holland, says, “We are proud of the innovation that has driven our growth in offshore wind. Joining Venterra will enable continued investment in foundation installation in deeper waters and the ability to support larger turbines up to 18-20 MW.”
A 2019 investment from Cape Investment Partners supported the company’s growth.
Aim of the acquisition
Venterra Group was created to be a major player in the global offshore wind industry, supporting its rapid growth and energy transition.
The company’s strategy involves providing a full range of services across the wind farm lifecycle achieved through a combination of acquisitions and organic development for accelerated expansion in this growing market.
Rob Jewkes, Venterra’s CEO, says, “CAPE Holland fits in our Build phase group of companies and complements our foundations offering with FoundOcean, Balltec and Osbit. Developers need ways to reduce project risk, cost and time, and Venterra is putting together a streamlined set of related services to deliver a joined-up supply chain capable of meeting the urgent and growing demand.”
Laurens de Neef adds, “We share Venterra’s vision to create a sustainable supply chain and help the industry innovate at the pace needed to meet the needs of developers and our tier-one clients. Venterra’s footprint in the US and APAC as well as Europe fits our own expansion plans as we deploy expertise gained from European wind farms across the global market.”
Venterra appoints a new CEO
In June 2023, Philippe Kavafyan was appointed as the Chief Executive Officer of Venterra Group. He will assume the role on October 16, 2023, succeeding Rob Jewkes upon his retirement.
Kavafyan claims to bring extensive experience from leadership roles at Aker Horizons and MHI Vestas Offshore Wind. His career, spanning three decades, includes two decades in the wind industry, with key positions at notable equipment manufacturers like General Electric, Areva, and MHI Vestas Offshore Wind.
He has also been the former Chairman of WindEurope and holds degrees from Ecole Polytechnique and Ecole Nationale Supérieure des Mines in Paris, France.
Kavafyan says, “Offshore wind is now facing a fantastic step change in growth and the industry will scale up through strategic partnerships. Developers will benefit from a set of capabilities and services they can rely on, with the strength to unlock additional capacity.”
“The market’s volume growth is global and sits against a backdrop of fast-changing technology putting the entire value chain under pressure, from engineering to supply chain and logistics. Venterra is investing to help developers reach their own demanding targets.”
“I look forward to working closely with our customers, the Venterra team and our member companies to deliver on this compelling vision,” adds Kavafyan.
Brief about Venterra
Founded in 2021, Venterra Group offers comprehensive services throughout the entire lifecycle of offshore wind farms, encompassing project management and engineering. Their offerings span from the initial concept design phase to eventual decommissioning.
The company provides services including environmental and geotechnical analysis, hydrographic surveys, analysis of unexploded ordnance (UXO), and examination of metocean data. This expertise supports the various stages and needs of offshore wind projects.
“We support our clients throughout the build phase with specialist services in build planning, logistics, foundation installation services and moorings. We offer design and build of bespoke offshore equipment for specific applications,” says the firm.
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