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UrbanVolt in €55m funding deal with UK investment firm Low Carbon

UrbanVolt in €55m funding deal with UK investment firm Low Carbon

Dublin-headquarted UrbanVolt has signed a €55m funding deal with British investment firm Low Carbon, which it says it will use to fund international expansion.

UrbanVolt specialises in the area of Light as a Service and is looking to reach new markets and deliver its energy efficiency projects across the US, UK, and Continental Europe.

The company's clients include the likes of Pfizer and Zimmer Biomet.

First set up in 2015, UrbanVolt upgrades commercial buildings to LED lighting for no upfront capital cost.

This enables companies to save 75% on their lighting costs while also dramatically reduces 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 company, which specialises in renewable energy investment. The firm develops and invests in renewable energy projects and technologies, while also managing assets on its balance sheet for listed and unlisted third parties.

UrbanVolt's CEO Kevin Maughan said 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," he added.