DUBLIN, IRELAND (December 15, 2018) – Energy-saving lighting specialist UrbanVolt has recently signed a series of big contract wins in the US, including with two leading Fortune 500 companies.
The Dublin-headquartered company, which only fully entered the US market earlier this year, said it intended to significantly ramp up operations there with plans to create 100 jobs over the next three years to aid its growth in the region.
UrbanVolt, which agreed a €55 million debt facility with British investor Low Carbon earlier this year to fund its international expansion, also said it expects to raise additional funds in the new year. It previously secured a €30 million investment from Swiss investment group Susi in 2016.
The company, which is led by Kevin Maughan, fits LED lights to businesses and industries at no charge to the user, but instead gets paid by sharing the savings on their customers’ energy bills over a five-year period. Speaking to The Irish Times, Mr Maughan said the recent contract wins were worth a combined seven-figure sum, with a number of the deals having been agreed with companies with whom it has worked with in the Republic.
Founded in 2015, the company has offices both in Chicago and Florida, where it intends to establish its US headquarters. UrbanVolt, which was this week announced as the European winner of Google’s ‘Adopt a Startup’ final, also operates in the UK, Germany, Spain and the Netherlands.
Existing customers include pharma giant, Pfizer, medical equipment specialist Zimmer Biomet, and Cargotec, the Finnish group that makes cranes, forklifts and other equipment.
Section of an article by Charlie Taylor for The Irish Times. Read full article >