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September 4, 2023

UrbanVolt Secures €26 Million Investment to Accelerate Solar Energy Expansion

Pioneering Solar-as-a-Service Company UrbanVolt Raises €26 Million Investment to Drive Green Energy Revolution

Dublin-based UrbanVolt, a trailblazer in Solar-as-a-Service, has successfully garnered a €26 million investment from Verdane, a prominent European specialist growth investor renowned for backing companies like Swappie and Onomondo. This substantial investment marks a milestone for UrbanVolt, propelling their total debt and equity raised to over €200 million. The newfound funds will power UrbanVolt's ambitious solar energy expansion across Ireland, the UK, and the broader European markets.

Pivotal juncture in the European solar sector, where panel capacity is slated to double by 2030 and quadruple by 2050, UrbanVolt's partnership with Verdane couldn't come at a more opportune time. This strategic collaboration enhances UrbanVolt's offerings for its current and prospective clients, positioning the company to tap into the impending solar boom. Verdane's extensive proficiency in cultivating decarbonization-focused enterprises is set to bolster UrbanVolt's aspirations of becoming the leading solar energy provider for European businesses.

Kevin Maughan, UrbanVolt's co-founder and CEO, stated, “Securing this €26 million funding from Verdane marks a pivotal moment for UrbanVolt as we set our sights on an ambitious European expansion. We are thrilled to have the support of Verdane, a renowned specialist growth investor and fellow certified B Corp company, who share our vision for a sustainable future.”

Reed Snyder, Principal at Verdane, echoed this sentiment, saying, “We are delighted to partner with UrbanVolt and support their ambitious expansion plans. UrbanVolt’s unique approach to providing affordable solar energy solutions aligns perfectly with Verdane’s focus on backing decarbonization-oriented businesses. Together, we aim to further develop UrbanVolt’s offerings and bring their sustainable solutions to more businesses across Europe, driving a positive impact for the environment and the economy.”

Founded in 2015 by Kevin Maughan, Declan Barrett, and Graham Deane, UrbanVolt introduces businesses to a transformative 'Solar-as-a-Service' model, enabling a seamless and cost-effective transition to clean energy. This ingenious approach eliminates the need for upfront capital expenditure, offering a sustainable solution for businesses to embrace solar energy without financial strain.

UrbanVolt's comprehensive package encompasses financing, installation, and maintenance of solar panels, allowing clients to access solar-generated electricity at a remarkable discount of up to 40% compared to traditional grid-based providers. This strategic positioning not only shields businesses from volatile energy costs but also provides a stable, sustainable energy supply for decades.

Already the leader in the Solar-as-a-Service market, UrbanVolt has forged agreements with over 150 enterprises in Ireland and the UK. Notable clients include renowned names like Heineken, Pfizer, Zimmer Biomet, and Syncreon.

Neil Hodgson Coyle
Neil Hodgson-Coyle
Editorial chief at TechNews180
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