Solar energy provider Urban Volt raises €26m investment

Urban Volt has secured a €26m investment from private equity investor Verdane as it looks to accelerate its solar energy expansion in Europe.

UrbanVolt finances, installs and maintains solar panels for large firms, enabling the client to buy the energy at approximately 40pc lower than electricity provider’s rates.

The new equity investment will be focused to support the company’s plans for further expansion Europe, it said in a statement.

“Securing this €26m funding from Verdane marks a pivotal moment for UrbanVolt as we set our sights on an ambitious European expansion,” chief executive and co-founder Kevin Maughan said.

“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,” he added.

Verdane, which has offices in Germany, Denmark, Finland, Norway, Sweden and the UK, is a specialist firm that works with tech-enabled and sustainable businesses.

Its funds now hold over €4.5bn in total commitments, while the firm has made over 150 investments since 2023.

The investment firm was awarded B Corp accreditation earlier this year.

“UrbanVolt’s unique approach to providing affordable solar energy solutions aligns perfectly with Verdane’s focus on backing decarbonisation-oriented businesses,” Verdane principal Reed Snyder said.

He added that the partnership would see the company bring its sustainable energy solutions to more businesses across Europe in order to drive “positive impact for the environment and the economy.”

The Dublin-headquartered clean energy firm has raised over €200m in debt and equity to date. Last year, it raised €66m in debt finance.

This debt equity raised in 2022 enabled the firm to provide electricity at a fixed term rate without exposing clients to interest rate hikes in recent months, according to the company.

UrbanVolt locks in its electricity rate for up to 30 years for clients.

As demand for renewable energy surges, the firm’s client base has more than doubled this year. Current clients include Heineken, Pfizer and Zimmer Biomet.

UrbanVolt has now signed agreements with more than 150 businesses in Ireland and the UK since it was founded in 2015.

It also has operations in the US, as well as in a number of European markets.

Reporting on: www.independent.ie