UrbanVolt, the Dublin-based energy saving LED lighting company, is set to boost its staff count by two-thirds by next year.
The fast-growing company, which is backed by the Leinster and Ireland rugby star Jamie Heaslip, will grow its workforce from 22 to 60 people.
Founded last year, UrbanVolt is already gearing up to enter the British, European and US markets, according to chief executive and founder Kevin Maughan.
This month, it announced a €5 million investment for energy efficiency projects for businesses in Cork.
It has retrofitted 78 properties across Ireland to date.
“We don’t have any barriers for us.”
“There’s potential to do one billion retrofits in the Irish market in the next ten years alone. In Ireland, there’s close to 150,000 commercial buildings, so we see this as a huge growth market,” said Maughan.
“Then when you look at the UK, there’s 100 times bigger commercial market. Over there and in the US, the numbers start getting quite big.”
UrbanVolt uses an investment model to attract clients, which sees the energy saving company paying the costs to retrofit a client’s lighting and then splitting the savings.
Last year it secured a three-year contract with Bord Gais Energy to be the preferred lighting supplier for Bord Gais’s 30,000 commercial customers.
“We talked to Bord Gais very early in our business development. They understood what we were trying to do. A lot of people didn’t understand it,” said Maughan.
“You have to have a longer-term vision for this kind of business. It’s not a wham bam, we’re just closed a deal. It’s €100,000 and we trouser the money. We sit around and wait five years for it to come through.”
Maughan, who founded the biotechnology company Novaerus and a former Merrill Lunch investment banker founded the company alongside Graham Deane and Declan Barrett.
UrbanVolt’s backers also include BVP Capital, which previously invested in Yelp and LinkedIn, and a number of unnamed high-net worth individuals.