New Scottish energy services giant emerging as D2Zero adds seventh acquisition of 2024

One of Scotland’s fastest growing companies has added yet another 2024 acquisition, with annual group revenues now topping £500 million.

Clean energy firm D2Zero has finalised the acquisition of Kelton, long-standing flow measurement consultants.

The purchase means Aberdeen-headquartered D2Zero now has more than 4,200 staff and £500m in annual revenues. It is the seventh such deal since the firm launched in January.

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D2Zero is backed by SCF Partners and has spent its first year focused on deals which position the firm as able to both service and decarbonise the existing offshore industry as well as accelerating the green energy transition.

Bob Drummond, CEO at D2Zero (l) and Iain Pirie, MD at Kelton (r).Bob Drummond, CEO at D2Zero (l) and Iain Pirie, MD at Kelton (r).
Bob Drummond, CEO at D2Zero (l) and Iain Pirie, MD at Kelton (r). | Andrew Taylor

At launch, D2Zero combined five existing portfolio companies: Score Group, Hydrasun, Fuel Cell Systems, Powerstar, and Global E&C.

Kelton, founded in 1991, uses precision system flow measurement analysis and proprietary technology to support energy firms.

Iain Pirie, managing director of Kelton, said: “We are proud to announce that Kelton is now part of D2Zero. Over the past 33 years, our team has developed differentiated technology and expertise, and we are excited at the possibilities for the business as part of a Group with such a clear focus on accelerating the energy transition.”

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Bob Drummond, chief executive officer of D2Zero, said: “We are delighted to welcome Kelton to D2Zero. The Kelton team have been helping some of the world’s most sophisticated energy businesses better understand their operations for decades with their precision measurement technology and data analytics.

“Kelton further strengthens our ability to understand and solve the complex decarbonisation challenges that our customers are facing and we look forward to helping the business thrive as part of D2Zero.”

Drummond said the firm has a “strong and active pipeline” of opportunities and, supported by SCF Partners, is looking to complete further acquisitions in the coming months.

He added: “D2Zero was founded on the premise that by bringing leading and complementary decarbonisation technologies together, under a supportive infrastructure and strong leadership, we could significantly accelerate progress and deliver breakthrough innovations for the energy transition.

“SCF’s backing is helping us to grow at pace and we want D2Zero to be a platform that can turbocharge the opportunities for businesses that want to make an impact on the energy transition.”

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