UrbanVolt in £19m expansion of low energy lighting and solar
UrbanVolt, the Lighting-as-a-Service market leader, has announced a £19 million investment from leading European specialist growth investor, Verdane.
This significant investment means the company has raised over £170 million in debt and equity to date, and it will further power UrbanVolt’s in the Irish, UK and European markets.
UrbanVolt helps business customers make a cost-effective transition to clean energy with its unique ‘Light-as-a-Service’ and more recently ‘Solar-as-a-Service’ business models.
UrbanVolt’s model involves financing, installing, and maintaining both LED lighting and solar panels for customers.
To ensure long-term stability, UrbanVolt locks in its rate for up to 30 years, safeguarding customers against volatile energy costs and guaranteeing a stable supply of electricity.
Verdane’s investment comes at a crucial juncture in the European solar market as panel capacity is expected to double by 2030 and more than quadruple by 2050.
UrbanVolt is already the Solar-as-a-Service market leader, having signed agreements with more than 150 businesses in Ireland and the UK. UrbanVolt’s clients include brewer Heineken, pharmaceutical company Pfizer, medical device manufacturer Zimmer Biomet, and global supply chain solution-provider Syncreon.
The partnership will enhance UrbanVolt’s offering for existing and future clients. UrbanVolt will benefit from Verdane’s expertise in growing green businesses, 20 year track record of scaling European market leaders, and in-house operational expertise, which will support UrbanVolt’s mission to become Europe’s leading solar energy provider for businesses.
Kevin Maughan, co-founder and CEO of UrbanVolt, told the Circular Lighting Report: ‘Securing this funding from Verdane marks a pivotal moment for UrbanVolt as we set our sights on an ambitious European expansion.
‘We’re 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.
‘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.’
Pictured from left to right: Reed Snyder, Principal at Verdane, Fredrika Svanholm, Senior Associate at Verdane and Kevin Maughan, co-founder and CEO of UrbanVolt.
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