UrbanVolt, a Solar-as-a-Service market leader, has announced a €26 million investment from European specialist growth investor Verdane. With operations in Ireland, the UK and eight continental European markets, the company will leverage the partnership with Verdane to drive expansion in their actual markets, and accelerate further entry into Europe.
UrbanVolt helps business customers make a cost-effective transition to clean energy with their Solar-as-a-Service business model, which eliminates the need for businesses to invest upfront capital expenditure in a solar installation. This is especially impactful for industrial customers: 60% of UK manufacturers say that increased energy costs are business-threatening, and 12% have already made job cuts as a direct result of increased energy bills.
UrbanVolt’s model involves financing, installing, and maintaining solar panels for customers, enabling the customer to purchase solar-generated electricity at discounts of up to 40% compared to grid-based electricity providers’ rates. UrbanVolt’s solution allows businesses to lock in their electricity rate for up to 30 years, safeguarding customers against volatile energy costs and guaranteeing a stable supply of electricity for decades to come.
Kevin Maughan, co-founder and CEO of UrbanVolt, said: “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 shares our vision for a sustainable future. This investment will not only fuel our continued growth in the Irish market but also empower us to bring our innovative solar solutions to businesses across the UK and Europe. At UrbanVolt, we remain steadfast in our commitment to providing clean energy solutions that not only drive cost savings for our customers but also contribute to a greener and more sustainable world for generations to come.”
Verdane’s investment comes at a crucial juncture in the European solar market as panel capacity is expected to double by 2030 and more than quadruple by 2050. UrbanVolt is already the Solar-as-a-Service market leader, having signed agreements with more than 150 businesses in Ireland and the UK for their solar and light offering.
Reed Snyder, Principal at Verdane, commented: “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 companies that are accelerating Europe’s decarbonization efforts. Together, we aim to further develop UrbanVolt’s offerings and bring their sustainable solutions to more businesses across Europe, driving positive impact for the environment and the economy.”
To date, UrbanVolt has raised over €200m in debt and equity, and customers include brewing company Heineken, pharmaceutical company Pfizer, medical device manufacturer Zimmer Biomet, and global supply chain solution provider Syncreon. The partnership will enhance UrbanVolt’s offering for existing and future customers.
UrbanVolt will benefit from Verdane’s deep expertise in growing decarbonization-oriented businesses, 20-year track record of scaling European market leaders, and in-house operational expertise, which will support UrbanVolt’s mission to become Europe’s leading solar energy provider for businesses.
UrbanVolt was founded in Dublin in 2015 by Kevin Maughan (CEO), Declan Barrett (Chief Commercial Officer) and Graham Deane (Chief Operating Officer). The company raised €66 million in debt finance in 2022, which enables UrbanVolt to provide electricity at a highly attractive fixed-term rate without exposing customers to a rise in interest rates.
