In the biggest deal of its kind to date, the investment will be used to deliver energy efficency projects across the US, UK and Continental Europe.
In addition to working with companies across Ireland, 45 multinational companies have signed up as UrbanVolt LaaS® clients to date, including Pfizer, Zimmer Biomet, Cargotec and Pipelife.
UrbanVolt and Low Carbon share a common mission to reduce global energy consumption and the CO2 emissions that will be reduced by this investment is the equivalent of removing all daily rush hour traffic from Manhattan.
Established in 2015 UrbanVolt delivers Light as a Service business model (LaaS®) to corporate clients in Ireland, UK, Continental Europe and across the United States. It upgrades commercial buildings to LED lighting for no upfront capital cost, enabling companies to save 75% on their lighting costs while also dramatically reducing their carbon emissions. A proportion of the energy saving is then paid to UrbanVolt as a service charge for the first five years, during which time UrbanVolt also maintains the lights.
Low Carbon is a London based, privately-owned UK company, which specialises in renewable energy investment. The firm develops and invests in renewable energy projects and technologies, while also managing assets on tis balance sheet for listed and unlisted third parties.
UrbanVolt chief executive Kevin Maughan said the deal will underwrite the company's international expansion.
"Low Carbon has an excellent record in investing in innovative business models in the energy services sector and we see them as a great long-term partner for UrbanVolt as we look to expand in the US, UK and Continental European markets.
The deal will ensure that we can deliver thousands more projects each year. In addition, the multi-currency dimension of the financing arrangement is key given that we are working on new projects with a growing list of clients across the US and Europe.
"In the US there has been huge interest in our 'off balance sheet' Light as a Service offering with larger corporate clients and our existing projects with Irish-based US multinationals have proven invaluable in demonstrating the effectiveness of UrbanVolt in delivering large scale energy efficiency projects. We recently opened new offices in Chicago and Florida and we hope to open a further office in California in the near future."