November 29, 2024
Glasgow-based Offshore Tech Sulmara Secures £15M from BGF to Advance Next-Gen Offshore Energy Solutions
Glasgow, United Kingdom –
Sulmara, a leading provider of cutting-edge survey and inspection services for the offshore wind and energy sectors, has raised £15M in a venture round led by the Business Growth Fund (BGF). Announced on November 28, 2024, this investment aims to boost Sulmara’s technological advancements and expand its global offerings in low-carbon data collection solutions.
About Sulmara
Founded in 2018, Sulmara delivers state-of-the-art offshore survey and inspection services, leveraging advanced technologies. Operating from offices in Aberdeen, Norwich, Houston, Singapore, and Taipei, the company has seen rapid growth, achieving nearly £56M in revenue with a compound annual growth rate (CAGR) of 61%. Notably, Sulmara is the first services firm in the offshore wind industry to sign the Climate Pledge, reflecting its dedication to sustainability. Sulmara’s key clients include industry leaders such as Orsted, Chevron, and Seaway7, highlighting its global impact.
Purpose of financing
BGF’s investment will enable Sulmara to accelerate the adoption of next-generation technologies, including uncrewed surface vessels (USVs), autonomous underwater vehicles (AUVs), advanced geophysical sensors, and innovative data products. These technologies will further enhance the company’s ability to provide precise and low-carbon data collection in challenging environments.
CEO's Insights
Kevin McBarron, Sulmara’s founder and CEO, shared:
“BGF’s investment arrives at a pivotal time as we focus on amplifying our technological and innovative solutions to better serve our clients worldwide.”
Investor's Perspective
Richard Pugh, an investor at BGF, added:
“Offshore renewables and their adjacent technologies play a crucial role in the global energy transition. We’re excited to collaborate with Kevin, Mike, Davis, and the wider team to drive Sulmara’s next phase of growth.”
Look Ahead
As part of the investment, Richard Pugh and Davis Larssen will join Sulmara’s board as non-executive directors, bringing extensive expertise in energy services and technology investments. This funding positions Sulmara to strengthen its market leadership while driving innovation and sustainability in the offshore energy industry.
For more updates, visit Sulmara on LinkedIn