€30m funding gives energy saver UrbanVolt bright future
An Irish company that makes money by cutting its business clients' lighting bills has signed a €30m funding deal to roll out its services.
Energy start-up UrbanVolt has secured the funding deal from SUSI Energy Efficiency Fund, a private-sector investment fund that specialises in financing energy efficiency projects in Europe
Dublin-based UrbanVolt was founded in 2015 by former Merrill Lynch corporate financier Kevin Maughan together with business partner Graham Deane and Declan Barrett who previously owned and ran facilities management business Complete Property Management.
It markets itself with the tagline "Light as a Service."
The company funds, fits and maintains LED lighting solutions for large commercial properties such as manufacturing plants, warehouses, car parks and large offices.
It's objective is to slash ongoing lighting costs by an average of 50pc - after Urban Volt has taken its payment.
The company is paid based on a percentage of the savings for the client.
The deal gives UrbanVolt the firepower to rapidly grow its customer base across the country , ceo Mr Maughan said.
"SUSI has funds available of up to €250m and they have been very clear to us that they are keen to co-invest with us on all suitable projects so we see this as an exciting long-term relationship.
"Because we fund solutions for our customers up front, the business requires significant finance in its early years," Mr Maughan said.
Swiss-based SUSI specialises in financing energy efficiency projects in Europe, with a focus on retrofits of public and industrial infrastructure.
The companies say their tie-up will accelerate the adoption of sustainable energy solutions by Irish businesses and result in annual emission savings of 205,000 tonnes of CO2 and annual energy savings of over one terrawatt, equivalent of the energy use of 36,000 Irish households.