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Irish solar startup UrbanVolt scoops €26M for European expansion

UrbanVolt funding
Picture credits: UrbanVolt

Dublin-headquartered UrbanVolt, a Solar-as-a-Service company, has secured €26 million investment from leading European specialist growth investor, Verdane known for investing in Swappie and Onomondo. With this significant investment, the company has raised over €200 million in debt and equity to date. Also, it will further power UrbanVolt’s rapid solar energy expansion in the Irish, UK, and European markets.

The 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. The partnership will enhance UrbanVolt’s offering for existing and future clients. UrbanVolt will benefit from Verdane’s deep expertise in growing decarbonisation-oriented businesses, which will support UrbanVolt’s mission to become Europe’s leading solar energy provider for businesses.

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 share our vision for a sustainable future.”

Reed Snyder, Principal at Verdane, said: “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 decarbonisation-oriented businesses. 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.” 

Makes solar panels accessible to all

Founded in Dublin in 2015 by Kevin Maughan, Declan Barrett, and Graham Deane, UrbanVolt helps business customers make a cost-effective transition to clean energy with their ‘Solar-as-a-Service’ business model. This eliminates the need for businesses to invest upfront capital expenditure in a solar installation. 

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% in comparison to prevailing rates from grid-based electricity providers.

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.

The solar panel provider is already the Solar-as-a-Service market leader, having signed agreements with more than 150 businesses in Ireland and the UK. Its clients include brewing company Heineken, pharmaceutical company Pfizer, medical device manufacturer Zimmer Biomet, and global supply chain solution-provider Syncreon.

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