The UK heat network sector has reached a defining moment. As of 27 January 2026, Ofgem is formally the sector regulator. This marks the transition of district heating from an unregulated niche into a formal infrastructure asset class. While the Energy Act 2023 provides a bridge via deemed authorisation, the
The defence sector has traditionally struggled to attract investment, often clashing with private equity mandates and rising ESG pressures. That is beginning to change. A broader range of investors is now showing interest, particularly in the complex supply chains that support defence and related industries such as automotive and telecoms.
Subsea cables are the unseen infrastructure powering 95% of global internet traffic and connecting the fast-growing web of offshore wind, interconnectors, and transmission grids. At Calash, we are tracking how this critical network is hitting a breaking point. As networks expand, so do the risks. Telecom cable failures cost $1–3m
The UK’s electricity market is undergoing significant structural changes. We’re seeing a clear trend: balancing actions are increasingly required to manage the system, and the share of negatively priced periods has tripled since 2022, signalling that inflexible supply is exceeding demand. This means storage, demand-side flexibility, and smarter networks are
Calash supports Davidson Kempner on its Acquisition of Swire Energy Services (SES)
This presentation outlines an approach to segment and map sustainability-linked investments in the midmarket, offering insights into these sub-themes’ growth potential and opportunities. It will also highlight Calash’s expertise in sustainability-related investment advisory and strategic support.
Calash supports STAR Capital on its acquisition of Subsea Technology & Rentals (STR)
Calash is pleased to announce that it provided commercial due diligence to Foresight Group on its investment into J+S Subsea, a subsea engineering company specialising in the provision, repair and refurbishment of subsea control systems.
Calash is pleased to announce that it provided commercial due diligence to BGF on its investment into Sulmara, an independent provider of survey and inspection services to the offshore wind and energy markets.
Calash has boosted its presence in Central Eastern Europe (CEE) with the opening of a new office in Sofia, Bulgaria, to meet growing demand in the region for professional advisory services.
Calash is pleased to announce that it provided commercial due diligence to the Scottish National Investment Bank on its investment into Leap AI, a low-cost industrial AI robotics company.
Calash is pleased to announce that it provided vendor commercial due diligence to EV Holdings (EV), a leading global provider of vision-based diagnostics and analytics services for the oil and gas sector, in support of its sale to Enersol, a joint venture between ADNOC Drilling and Alpha Dhabi Holding.
Calash is pleased to announce that it provided voice-of-the-customer support to OEG Offshore on its acquisition of Offshore Painting Services Limited (OPS Wind), a leading provider of specialist operations and maintenance (O&M) and training services to the offshore wind sector.
Gaining insight into your customers and the markets you cater to is crucial for making informed decisions that sustain loyalty and identify new revenue streams. Enterprises employ Voice of the Customer (VoC) strategies to help enhance customer understanding and identify pain points and opportunities for deeper collaboration. Using third-party research
Environmental due diligence will identify gaps in environmental regulatory compliance and poor operational practices that are potentially harmful to people and the planet, and negatively impact on the reputation of a business. What is an environmental due diligence exercise? Environmental due diligence is an evolving discipline but always starts with
No one knows your business as well as you but there is a limit to what a management team can achieve on its own. Often, internal resource constraints mean opportunities are left on the table. Access to data sources, market intelligence and referencing, and third-party technical and commercial strategy support
Calash is pleased to announce that it provided vendor commercial due diligence to Acteon Group, an offshore energy infrastructure services business, in support of its sale to Buckthorn Partners and One Equity Partners (OEP).
Calash is pleased to announce that it provided commercial due diligence support to Strada Partners on its majority shareholder investment into Elsyca, a European digital twin simulation software company focussed on predicting and preventing corrosion of critical oil and gas and other energy sector assets.
The wind sector is in growth mode and stakeholders are fiercely competing to increase their slice of the pie but growing pains have emerged, casting a shadow on previously held assumptions around the commerciality of the sector.
Calash is pleased to announce that it provided commercial due diligence support to Averroes Capital on its acquisition of Glacier Energy, a specialist provider of products, services and engineered solutions for renewable and conventional energy markets.
Calash is pleased to announce that it provided commercial due diligence to MML Ireland on its investment into Mainport Shipping, an integrated marine services business that charters survey support vessels to global geo data specialists in the international offshore energy sector, alongside Irish Mainport Holdings (IMH).
Calash has brought together some of the most recent data, alongside its own insights into investment trends in the energy sector, to provide a view on the risks facing investors in the power and energy space.
Calash is pleased to announce that it provided commercial due diligence support to Edinburgh-based investment fund Souter Investments on its acquisition of Premier Hytemp.
Calash is pleased to announce that it provided commercial and management due diligence to the Scottish National Investment Bank on its investment into Cyacomb, a digital forensics and online safety company.
Calash’s energy transition has accelerated over the past five years, with most of its work now in the renewables and cleantech space, but it remains proud of its heritage in the oil and gas space, and the unique position this has given it to offer pragmatic commercial and operational advice
Calash is pleased to announce that it provided targeted due diligence support to Glasgow-based SME investor Nevis Capital on its investment into JWF Process Solutions, a global instrumentation supplier across the oil and gas, petrochemical, utility, healthcare and food and beverage sectors.
Calash is pleased to announce that it provided vendor commercial due diligence to ASCO, a global provider of multi-site integrated supply base operations to the energy industry, in support of its sale to UK-based private equity investor Endless LLP.
Calash is pleased to announce that it provided vendor commercial due diligence to Inflexion-backed PD&MS, a multi-disciplined engineering company, on its sale to sustainable solutions provider RSK Group.
Calash is pleased to announce that it provided commercial due diligence to private equity investor LDC on its investment into Boston Energy, a technical services provider to the wind energy industry.
Calash is pleased to announce that it provided commercial due diligence to the Scottish National Investment Bank on its investment into Forrit, a software security specialist and developer of cloud-based content management system (CMS) software.
Environmental awareness has been hard-wired into the decision-making process of investment funds – climate risk will remain an investment risk for the foreseeable future – but there has been a sea-change in how this translates to energy transition capital deployment.
Calash is pleased to announce that it provided commercial due diligence to the Scottish National Investment Bank on its investment into Utopi, a leading real-estate data analytics platform.
Calash is pleased to announce that it provided commercial due diligence to private equity investor Vespa Capital on its investment into Eserv, a leading provider of digital twin SaaS for complex industrial assets.
You’d be forgiven for thinking the end times for oil and gas are here. Plague and now war have shaped the sector in ways unimaginable in 2019. The world will never be the same again, and yet 2022 has shown that the energy industry is highly responsive to change, and
Calash is pleased to announce that it has provided environmental and commercial due diligence to private equity investor Chiltern Capital on its investment into Empteezy, a designer, manufacturer and distributor of industrial safety products and solutions, focussed on environmental protection, spill prevention and EV battery storage.
Electric vehicles are becoming a normal part of our everyday lives, but the adoption of electrification technology across heavy transportation could take a different path to decarbonisation – how applicable is battery technology to larger vehicles? How quickly will electrification find adoption across freight and supply chains?
Calash Advises Turner Iceni Group on Market Review of its Condition Monitoring and NDT Inspection Services
Calash is pleased to announce that it has provided commercial due diligence in relation to the investment by infrastructure and private equity investment manager Foresight Group on its investment into Quanta EPC Holdings Limited, a specialist provider of engineering and consultancy services to the energy sector, focused on improving UK
The dividing line between the chemicals and energy sectors has always been thin. Energy aside, the fact is that many of our most used materials are made from hydrocarbons, and yet private equity interest remains wary of investment.
Calash is pleased to announce that it has provided technical and commercial due diligence in relation to the merger of UK-based environmental technology company Arq and Advances Emissions Solutions (ADES).
Calash is pleased to announce that it has provided commercial due diligence services to H2 Equity Partners on its multimillion-pound investment in Motive Offshore Group (Motive), which specialises in engineering, inspection and rental equipment for the energy sector.
Calash is pleased to announce that it has provided commercial due diligence services to Pipeline Technique (PTL), an onshore and offshore infrastructure welding, coating, and fabrication services provider owned by Bluewater, on its acquisition of the oil and gas division of Stanley Black & Decker, the major international pipeline services
In this Executive Insights, Calash explores the emerging CCUS market, its technical crossover with oil and gas, and how technology and service providers can gain exposure to the space.
Calash is pleased to announce that it has provided commercial due diligence services to WestBridge, a leading UK small-cap private equity firm. WestBridge saw the opportunity to combine its existing investment in APEM with GoBe Consultants, an offshore wind planning and environmental consultancy.
May 2022: The subsea market is heavily exposed to the energy transition, with offshore wind increasingly providing new project work. However, telecoms, power, and even deep-sea mining, are other areas of potential diversification. But how best to gain exposure to these booming markets?
Calash is pleased to announce that it provided commercial due diligence to ICR, a Graphite Capital backed business, on Sky Futures, a leading provider of unmanned systems and robotic led inspections.
Hydrogen’s role in the energy transition has received increasing attention over the past 24 months, principally due to its ability to decarbonise hard to abate sectors, such as steel production, and balance intermittent power generation from renewables.
There’s space in the North Sea for both offshore wind and natural gas production to provide sustainable energy for northern European nations – but will a limited pool of offshore service providers meet the growing demand of operators?
Calash is pleased to announce that it has provided vendor commercial due diligence services to the owners of Wood Thilsted, a global offshore wind engineering consultancy, which has successfully gained a minority investment from Inflexion, a leading mid-market private equity firm.
Calash is pleased to announce that it provided vendor commercial due diligence to support Longacre Group on its sale of Taylor Hopkinson, a specialist recruitment partner for the renewable energy sector, to Dutch flexible workforce solutions provider Brunel International.
