Ireland-based Solar-as-a-Service provider UrbanVolt announced that it has raised €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.
UrbanVolt has raised over €200 million in debt and equity to date.
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 percent of manufacturers see rising energy costs as a substantial threat to their businesses, with 12 percent 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 decarbonization-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.
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 percent compared to conventional grid-based providers.
UrbanVolt also specializes in energy-efficient LED lighting systems in sizable commercial and industrial properties, providing a comprehensive suite of clean energy solutions.
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.
Read more on Tech Gist Africa:
Irish eyecare software specialist Ocuco raises €60M