The company, which last year signed a €30 million funding deal with Swiss green energy private equity group Susi Partners, has become internationally known for its “light as a service” offering where it installs energy-efficient LED lighting for businesses free of charge, with an agreement to split the energy savings between both parties over a five year period.
Chief executive Kevin Maughan said Irish businesses and their Light as a Service clients have been increasingly demanding solar solutions and that it had already signed up a number of customers for SOLaaS.
Mr Maughan said companies do not have to sign away their roof space for decades or wait for the introduction of government grants in order to avail of SOLaaS.
“Right now, businesses are being asked by some solar energy providers to sign decades-long legally binding agreements to hand over their roof space or pay upfront installation charges. With SOLaaS, Urban Volt takes on all the upfront cost and risk and, at the end of the seven-year term, our clients own the solar technology and continue to enjoy all the benefits,” he said.
He said that before installing solar PV, businesses must first look at cutting their energy consumption. He advised that quickest and easiest way to do this is by installing LED lighting, which delivers and immediate 75% drop in consumption. And by availing of Light as a Service, there is no capital cost. Once consumption has been cut, it makes sense to start looking at Solar as a Service (SOLaaS).
UrbanVolt began trading in 2015 and in its first year of operation completed 100 LED lighting upgrades, which it claims would save clients over €20million. Customers of the company, which employs 25 people locally, include Pfizer, Zimmer Biomet and DCU.