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Verdane’s principal Reed Snyder and funding staff member Fredrika Svanholm with UrbanVolt co-founder Kevin Maughan. | Picture credit score:
Eire-based Photo voltaic-as-a-Service supplier UrbanVolt introduced that it has raised £22.3 million (€26M) from Verdane, a European development investor. The corporate says that the partnership will drive its growth in Eire and the UK, in addition to push into new European markets.
“We’re thrilled to have the help of Verdane, a famend specialist development investor and fellow licensed B Corp firm, who share our imaginative and prescient for a sustainable future,” says Kevin Maughan, co-founder and CEO of UrbanVolt.
“This funding won’t solely gas our continued development within the Irish market but in addition empower us to carry our modern photo voltaic options to companies throughout the UK and Europe. At UrbanVolt, we stay steadfast in our dedication to offering clear power options that not solely drive value financial savings for our clients but in addition contribute to a greener and extra sustainable world for generations to return,” he provides.
UrbanVolt has raised over €200 million in debt and fairness thus far.
Photo voltaic market to see immense development
Verdane’s funding comes because the European photo voltaic market is about to double by 2030 and quadruple by 2050. However within the UK, a notable 60 per cent of producers see rising power prices as a considerable menace to their companies, with 12 per cent having already applied job cuts in response to escalating power payments.
UrbanVolt’s “Photo voltaic-as-a-Service” mannequin helps these companies change to scrub power with out upfront prices.
UrbanVolt has already secured agreements with over 150 companies in Eire and the UK for its photo voltaic and light-weight choices. A few of its purchasers embrace Heineken, Pfizer, Zimmer Biomet, and Syncreon.
Verdane’s in depth experience in advancing decarbonisation-focused companies, coupled with its historical past of scaling European market leaders, is predicted to help UrbanVolt’s mission of changing into a preeminent photo voltaic power supplier for European enterprises.
Principal at Verdane, Reed Snyder, says, “We’re delighted to companion with UrbanVolt and help their formidable growth plans. UrbanVolt’s distinctive method to offering reasonably priced photo voltaic power options aligns completely with Verdane’s concentrate on backing firms which can be accelerating Europe’s decarbonisation efforts.”
“Collectively, we intention to additional develop UrbanVolt’s choices and produce their sustainable options to extra companies throughout Europe, driving constructive influence for the surroundings and the financial system,” he provides.
UrbanVolt’s options for sustainable enterprise
Based in 2015 by Maughan, Graham Deane and Declan Barrett, UrbanVolt’s modern mannequin revolves round financing, putting in and sustaining photo voltaic panels for patrons. This association empowers clients to entry solar-generated electrical energy at reductions of as much as 40 per cent in comparison with standard grid-based suppliers.
UrbanVolt additionally specialises in energy-efficient LED lighting methods in sizable business and industrial properties, offering a complete suite of fresh power options.
In 2022, UrbanVolt raised €66 million in debt finance. This helped UrbanVolt supply electrical energy at a sexy mounted charge with out worrying about rising rates of interest.
UrbanVolt additionally takes on the accountability of overlaying all bills linked to the procurement, setup and maintenance of photo voltaic panels on the rooftops of their purchasers. Via UrbanVolt’s answer, companies have the chance to safe their electrical energy charge for a span of as much as 30 years.
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