A follow on investment from The Catapult Growth Fund has been made so that Renewable Technical Services can expand its services.
Three years after first backing Renewable Technical Services (RTS), The Catapult Growth Fund has gone back to its portfolio company to add further capital.
The renewable energy business, which is headquartered in Kettering, is an engineering service provide which provides installation, inspection and maintenance services to wind turbine manufacturers, wind farm developers and power generators.
Back in 2010, RTS secured a £900,000 investment to develop its technology-enabled inspection and repair techniques.
Company managing director Chris Palmer says that since first linking up with The Catapult Growth Fund, the business has made ‘great strides’ in its development.
He adds, ‘These include: planned and reactive servicing of wind turbines, end of construction inspections, installation of 2MW and 3MW wind turbines, statutory compliance inspections, rotor blade and inspection and repair; and turbine decommissioning.’
‘Looking ahead there are significant market opportunities for RTS to continue our trusted support partnerships to OEM’s and developers constructing wind farms and for owners of wind farms coming out of their warranty period.’
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For Catapult, the undisclosed investment marks the second May deal it has closed following another repeat investment, this time in martial arts retailer Kick Sport.
Duncan Cameron, director at Catapult, comments, ‘We are delighted to be supporting Chris and his team who have made excellent progress in moving RTS forward since our initial investment.
‘The provision of support services to the rapidly growing renewables market is an area that we have focused on and are excited for the future projects of RTS as they look to build on their success.’