Investment by the Scottish National Investment Bank has surpassed £1billion following its latest capital injection into Inverness-based Aurora Energy Services.
The state-backed lender's latest £10million investment sees it takes an equity stake in the energy services firm, having previously provided £20million in debt facilities in 2023.
The landmark deal puts the bank on course to meet its 10 year plan of investing £2billion in businesses and projects aimed at building “a fairer, more sustainable Scottish economy”.
Aurora, which is headquartered in Inverness and operates in Aberdeen, Huntly, Teesside, Wick, Australia and Chile, provides services to both the oil and gas and renewable energy sectors.
The company supports the lifespan and performance of onshore and offshore assets and employs more than 100 people in Scotland.
Doug Duguid, chief executive of Aurora Energy Services, said: "Aurora has already grown strongly in all its markets, and the Banks long-term support will help us continue to deliver on our strategy.
"We expect our revenue to increase by around 30% this year from £90million in 2026 to around £120million.
“This investment will be focused on increasing our range of training by enhancing our facility in Inverness, alongside additional workshop and offices in both Wick and Aberdeen and in the US.
"In addition, this investment will enable us to continue our development of new technologies like SQUID™ and Altitude – which enhance the economics of offshore and onshore wind.”
Kate Forbes, Deputy First Minister of Scotland, said: “Reaching £1billion in committed investment and helping drive over £1.7billion of third-party co-investment is a significant milestone for the Scottish National Investment Bank and for Scotland’s economy.
“The bank plays a vital role in supporting businesses and investments that are driving innovation, transforming communities and accelerating Scotland’s transition to net zero.
“The Scottish Government is focused on greater economic growth, supporting communities to thrive and ensuring Scotland is at the forefront of the global energy transition. The bank reaching this £1billion milestone, supporting over 50 companies and attracting significant investment shows we are making real progress towards that ambition.”