Energy industry engineering supplier Quanta has received a multimillion-pound injection from a private equity investor including two local authority pension funds.
Cramlington-based Quanta, which also runs an Aberdeen office, has received the investment from Foresight North East Fund which is funded by Durham County Council’s Pension Fund and Teesside Pension Fund. The firm emerged from an Engie Group buyout in 2018 led by chief executive officer Nick Oates who has overseen a broadening of services into renewables and other infrastructure.
It is the first regional investment for the Foresight North East Fund which can offer up to £5m investments and is "cornerstoned" by Durham County Council's Pension Fund which committed £18m at its launch. Quanta said the deal will help it accelerate growth plans in the hydrogen, carbon capture and offshore wind markets.
