Solar start-up UrbanVolt secures €26m for Europe expansion

31 Aug 2023

From left: Reed Snyder, Verdane; Fredrika Svanholm, Verdane; and Kevin Maughan, UrbanVolt. Image: Peter Houlihan/Fennell Photography

The start-up company finances, installs and maintains solar panels, enabling its customers to buy solar-generated electricity.

Dublin-founded start-up UrbanVolt has just bagged a €26m investment from European investor Verdane.

The funding announced today (31 August) will help the company further its European expansion. The deal will also see UrbanVolt benefit from Verdane’s deep expertise in scaling European businesses.

UrbanVolt was founded in 2015 at Dublin City University’s Alpha innovation campus and won Google’s Adopt a Startup competition at the end of 2018.

It started out helping corporate clients upgrade to LED lighting for a monthly service fee and no upfront capital cost, with the aim of improving energy efficiency and reducing energy costs.

Now, the company finances, installs and maintains solar panels, enabling its customers to buy solar-generated electricity at approximately 40pc lower cost than an electricity provider’s rates. It also locks in its rate for up to 30 years, safeguarding customers against volatile energy costs.

Kevin Maughan, co-founder and CEO of UrbanVolt, said securing the funding from Verdane “marks a pivotal moment” for the company as it sets its sights on European expansion.

“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,” he said.

Reed Snyder, principal at Verdane, said UrbanVolt’s unique approach to providing affordable solar energy aligns perfectly with the investment company’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.”

UrbanVolt has operations in Ireland, UK, the US and eight continental European markets. Its clients include well-known brands such as Heineken and Pfizer as well as medical device manufacturer Zimmer Biomet and global supply chain logistics company Syncreon.

The latest investment means the solar company has raised more than €200m in debt and equity to date, including €36m in financing in May 2022.

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Jenny Darmody is the editor of Silicon Republic