Irish Energy StartUp Signs A €30m Funding Deal
It was announced yesterday that UrbanVolt, the award-winning Irish energy services company, has agreed a funding line of an initial €30 million.
In the first agreement of its kind in Ireland, it will see the SUSI Energy Efficiency Fund co-invest with UrbanVolt in energy efficiency projects being installed in SMEs across the country.
The company was established in 2015 by former Merrill Lynch corporate financier, Kevin Maughan together with Graham Deane and Declan Barrett. Maughan and Deane co-founded and ran Novaerus.
Barrett formerly owned and ran a facilities management business in Ireland (Complete Property Management Ltd). UrbanVolt is the preferred lighting supplier for Bord Gais Energy’s 30,000+ commercial customers and was named Bank of Ireland Startup of the Year earlier this year.
UrbanVolt provides “Light as a Service” for no capital investment from its client companies. It has created a way to monetize energy savings which it secures for businesses.
UrbanVolt funds, fits and maintains LED lighting solutions for large commercial properties (such as manufacturing plants, warehouses, car parks or large offices) and shares the money saved by the business as a result.
This deal will ensure that we have more than sufficient funding to support our roll-out across Ireland over the coming years. And the work we’re doing will have an immediate and permanent impact on the environment and Ireland’s bottom line. CEO of UrbanVolt, Kevin Maughan said.
By Robert McHugh