Ireland-based Solar-as-a-Service provider UrbanVolt announced that it has raised £22.3 million (€26M) from Verdane, a European growth investor. The company says that the partnership will drive its expansion in Ireland and the UK, as well as push into new European markets.
“We are thrilled to have the support of Verdane, a renowned specialist growth investor and fellow certified B Corp company, who share our vision for a sustainable future,” says Kevin Maughan, co-founder and CEO of UrbanVolt.
“This investment will not only fuel our continued growth in the Irish market but also empower us to bring our innovative solar solutions to businesses across the UK and Europe. At UrbanVolt, we remain steadfast in our commitment to providing clean energy solutions that not only drive cost savings for our customers but also contribute to a greener and more sustainable world for generations to come,” he adds.
UrbanVolt has raised over €200 million in debt and equity to date.
Solar market to see immense growth
Verdane’s investment comes as the European solar market is set to double by 2030 and quadruple by 2050. But in the UK, a notable 60 per cent of manufacturers see rising energy costs as a substantial threat to their businesses, with 12 per cent having already implemented job cuts in response to escalating energy bills.
UrbanVolt’s “Solar-as-a-Service” model helps these businesses switch to clean energy without upfront costs.
UrbanVolt has already secured agreements with over 150 businesses in Ireland and the UK for its solar and light offerings. Some of its clients include Heineken, Pfizer, Zimmer Biomet, and Syncreon.
Verdane’s extensive expertise in advancing decarbonisation-focused businesses, coupled with its history of scaling European market leaders, is expected to support UrbanVolt’s mission of becoming a preeminent solar energy provider for European enterprises.
Principal at Verdane, Reed Snyder, says, “We are delighted to partner with UrbanVolt and support their ambitious expansion plans. UrbanVolt’s unique approach to providing affordable solar energy solutions aligns perfectly with Verdane’s focus on backing companies that are accelerating Europe’s decarbonisation efforts.”
“Together, we aim to further develop UrbanVolt’s offerings and bring their sustainable solutions to more businesses across Europe, driving positive impact for the environment and the economy,” he adds.
UrbanVolt’s solutions for sustainable business
Founded in 2015 by Maughan, Graham Deane and Declan Barrett, UrbanVolt’s innovative model revolves around financing, installing and maintaining solar panels for customers. This arrangement empowers customers to access solar-generated electricity at discounts of up to 40 per cent compared to conventional grid-based providers.
UrbanVolt also specialises in energy-efficient LED lighting systems in sizable commercial and industrial properties, providing a comprehensive suite of clean energy solutions.
In 2022, UrbanVolt raised €66 million in debt finance. This helped UrbanVolt offer electricity at an attractive fixed rate without worrying about rising interest rates.
UrbanVolt also takes on the responsibility of covering all expenses linked to the procurement, setup and upkeep of solar panels on the rooftops of their clients. Through UrbanVolt’s solution, businesses have the opportunity to secure their electricity rate for a span of up to 30 years.
