Sulmara Secures £15m Investment from BGF to Fuel Low-Carbon Offshore Innovations

The Business Growth Fund (BGF) has invested £15 million into Sulmara, a Glasgow-based company at the forefront of innovative survey and inspection services for the offshore wind and energy sectors. Founded in 2019, Sulmara has rapidly expanded, reaching over £55.8 million in annual revenue and achieving a compound annual growth rate of 61% within four years. The company leverages its technological expertise to deliver efficient, low-carbon survey services across a global reach including locations in Glasgow, Aberdeen, Norwich, Houston, Singapore, and Taipei. Sulmara's commitment to a low carbon footprint is underscored by its status as the first company in its sector to sign the Climate Pledge and achieve carbon neutrality under the BSI PAS 2060:2014 standard. The new funding from BGF is aimed at bolstering Sulmara's growth and technology investments, particularly in uncrewed surface vessels, autonomous underwater vehicles, and advanced data products, which enhance data collection while reducing environmental impact. This investment aligns with the company's strategy to assist its clients in reducing Scope 3 emissions and moving towards NetZero targets. Subsequent to the investment, Richard Pugh and Davis Larssen will join the board as Non-Executive Directors to lend their extensive experience in energy services. Both Kevin McBarron, CEO of Sulmara, and Richard Pugh, Investor at BGF, have expressed optimism about the future growth and innovation that this capital infusion will unlock, specifically in the decarbonisation efforts spearheaded from Scotland's energy technology expertise.