UrbanVolt, a Dublin-based LED retrofit lighting, and solar panel provider to commercial rooftops company, has secured a €26 million investment from Instabox and Swappie backer, Verdane. The capital is slated to be used to fuel further expansion across Ireland and the UK as well as enter new Continental European markets.
Beginning life as a commercial LED retrofitting service, UrbanVolt has branched out into the solar-panels-for-all market that has typically been dominated by German players. However, where the Berlin solar mafia is taking on residential customers, UrbanVolt is sticking close to the market it knows - commercial installations.
The move arrives at an optimal time with 60 percent of UK manufacturers perceiving escalating energy expenses as an existential business concern, with 12 percent having already instituted workforce reductions in response to surging energy bills.
UrbanVolt's model encompasses comprehensive financing, installation, and maintenance of solar panels, affording clients the opportunity to secure solar-generated electricity at discounts of up to 40 percent in comparison to prevailing rates from grid-based electricity providers.
According to the certified B-corp company, UrbanVolt has amassed over €200 million through a combination of debt and equity financing, and already inked agreements with over 150 businesses in Ireland and the UK with clients including Heineken, Pfizer, Zimmer Biomet, and Syncreon.
Lead image (left to right): Reed Snyder, Principal at Verdane, Fredrika Svanholm, Senior Associate at Verdane, and Kevin Maughan, co-founder and CEO of UrbanVolt. Photo via UrbanVolt, uncredited.