- £10m follow-on in Aurora will support company’s growth strategy
- Investment brings the total amount of capital committed by the Bank to over £1bn
- Milestone has been welcomed by Scotland’s deputy first minister, Kate Forbes, as she
visited the Bank’s office
The Bank has surpassed a key milestone with its £10m investment in Aurora Energy Services (“Aurora”), taking the total
amount of capital the Bank has committed in Scottish businesses and projects to over £1bn. The Bank, which marked its fifth anniversary in November of last year, was established to invest in businesses and projects that support the development of a fairer, more sustainable Scottish economy. The Scottish Government committed to capitalising the Bank with £2bn over a ten-year period. To date, more than £1.7bn has been invested alongside the Bank’s capital from private and public investors.
Reskilling workers for the energy transition
The Bank initially provided debt facilitates to Aurora in 2023, but the latest £10m is an equity investment that will see it become a shareholder in the business. The funding will support the company’s growth strategy. Headquartered in Inverness with international reach, Aurora supports the renewable energy industry. Its range of services provide end-to-end support for the energy transition and maximise the lifespan and performance of onshore and offshore assets. It employs more than 100 people in Scotland and plays a key role in reskilling workers from the oil and gas industry.
As part of its growth strategy, the company has expanded to international markets, including the United States, Australia and Chile. It has also made six strategic acquisitions, targeting businesses that increase Aurora’s service offer and expertise, helping to drive the global energy transition.
Kate Forbes, Deputy First Minister of Scotland, said: "Reaching £1 billion in committed investment and helping drive over £1.7 billion 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 £1 billion milestone, supporting over 50 companies and attracting significant investment shows we are making real progress towards that ambition.”
David Ritchie, Chief Executive Officer, at the Bank said: “Aurora’s expert team is delivering impressive growth aligned to a clear strategy. The company has become a trusted partner for the renewables industry in Scotland and internationally, and we’re proud to support the next stage of its journey.
“This investment marks a key milestone for us as an institution. The £1bn we have committed is strengthening businesses and projects all around Scotland, driving economic growth, delivering tangible benefits and supporting jobs.”
Doug Duguid, CEO of Aurora Energy Services, said: “We are delighted to have the Bank become a shareholder. 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 £90m in 2026 to around £120m.
“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.”
Key milestone highlights significant potential
The Bank’s investment in Aurora is one of many that have contributed to it reaching this key milestone. Seeing significant potential in the housing industry, it recently backed Octopus Capital’s affordable housing fund and SME builder, Whiteburn. It has also supported key infrastructure projects, like Highview’s long-duration energy storage solution at Hunterston, the Deep Water Terminal at Stornoway Port, and Pentland Floating Offshore Wind Farm, which is the only floating project in Scotland to have secured a contract for difference in the recent AR7 round.
