A Perth-based firm that was set up over a cup of coffee seven years ago has secured multi-million-pound investment.
Realise Energy Services, based at Inveralmond Industrial Estate, maintains wind farms all across the UK.
It was started in 2016 by Sheridan Jenkins and Mark Jennison. At the time, the duo were working for rival wind turbine companies.
Mark was involved in planning and design for projects, while Sheridan was working for another firm on installation.
Mr Jennison said: “We had a working relationship and just one day we said we should come together.
“It felt quite natural. The penny dropped that if we teamed up we could do something pretty interesting.
“That happened over a cup of coffee.”
It started managing seven turbines but has grown to service more than 200 across the UK.
The growth of the business was helped by the acquisition of the Northern Ireland operation and maintenance arm of Optinergy Ltd for an undisclosed sum in 2021.
Multi-million-pound investment
Now, it has agreed a seven-figure deal with London-based private equity firm Rockpool Investments.
It will now allow the firm to look for a new headquarters as it has outgrown its current premises and add staff.
Mr Jennison added: “We started the business with just the two of us and two technicians and we had seven wind turbines, all in Scotland.
“It was a small start-up that we’ve grown to where we are today, with a fleet across the whole of the UK.
“There’s a good solid foundation, but we realised if we’re going to grow and compete with the big boys, we had to have investment into the company.”
Perth turbine firm exploring acquisitions
Meanwhile, Mr Jenkins, Realise Energy Services chief executive, said the firm was also exploring further acquisitions.
He said: “The investment from Rockpool marks another stage in our ambitious growth plans.
“We look forward to partnering with more turbine owners, and are now actively seeking further acquisition opportunities, aided by this investment.
“We continue to increase our multi-brand fleet on a regular basis with clients who see our local presence, solid technical and operational capability, strong supply chain and direct links with wind turbine manufacturers as the ideal solution for their wind turbine service and maintenance requirements.”
He said the investment will allow the business to make investments into stock and parts that it can stock from its headquarters.
Plans for new Realise Energy Services HQ
Mr Jennison, the firm’s chief commercial officer, said it is currently looking at new premises within Tayside.
“We’re going to be investing in a bigger premises.
“That will give us a bigger store. It means we’ll be able to do more refurbishment work ourselves – our workshop currently is pretty small.
“We’ll also be able to stock bigger parts.”
Mr Jennison said the hunt for a new home was under way, and said the firm was committed to retaining its headquarters within Tayside.
He did not rule out a move away from Perth, though, if the right premises cannot be found.
He added: “It’s hard to get a combined office and workshop so we’re still looking.
“We want to retain the HQ in Tayside – access to the main road infrastructure is important to us.
“We’re having a meeting later this week but we’re hoping to move before the end of the year.”
He said the investment will also allow the firm to add to its workforce. Exact numbers are still being finalised.
Mr Jennison added: “There will be four or five staff being recruited in the office staff.
“We’ve got a meeting this week just to agree those numbers.
“We’re also looking to add technicians. There’s almost a permanent advert because the more technicians we have, the more work we can get.”
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