Light As A Service Is Tipped To Balloon Into A Multimillion-Dollar Industry By The Mid-2020s
DUBLIN, IRELAND (December 9, 2018) – According to a recent report by BIS Research, LaaS is forecast to explode into a near-$3.6 billion industry globally by 2025. That’s significantly higher than Research and Markets’ much more modest estimate of $750 million worldwide by 2022.
Regardless of where the industry ends up in the next decade, it’s clear that investors are betting big on LaaS now.
The earliest advocate for the industry in Ireland was UrbanVolt, the Dublin-based outfit backed by international rugby star and serial investor Jamie Heaslip.
It replaces lights in commercial buildings with LED substitutes with no upfront costs to the client, and then it maintains them for up to 10 years.
UrbanVolt generates income by charging clients a percentage of the savings on their lower energy bills as a service fee for the first five years of the contract.
Since setting up in 2015, the company has secured two major financing deals to fuel its expansion in Europe, North America and other markets.
In July of this year it secured a deal for €55 million in debt financing from London-based renewable energy investment firm Low Carbon. This came two years after its €30 million funding agreement with Swiss private equity firm Susi Partners.
Ireland’s position as a hub for foreign direct investment gave UrbanVolt access to several heavy-hitting clients like Pfizer and Cargotec, which has helped it rapidly launch further afield. The firm recently opened an office in Fort Myers in Florida.
“Our client roster has some fairly big international names on there,” says co-founder and chief commercial officer Graham Deane.
Section from FORA article by Conor McMahon, Deputy Editor of FORA. Read full article >