UrbanVolt moves into solar energy after €7m fundraising

Kevin Maughan, CEO of UrbanVolt, says the panels will save money and reduce carbon footprint for firms

Ellie Donnelly Twitter Email

April 06 2021 02:30 AM

Clean energy company UrbanVolt is to begin supplying solar-generated electricity directly to businesses.

This comes after the company recently raised €7m from investors including the Ireland Strategic Investment Fund (ISIF).

UrbanVolt will finance and install solar panels on the rooftops of its client companies. It then plans to sell the solar generated electricity to those same companies at up to 30pc below prices charged by traditional electricity suppliers, the firm said.

UrbanVolt expects to charge companies around 10 cent per kilowatt hour and will finance the installation and maintenance of the solar panels itself. In addition, UrbanVolt said it will guarantee the price it offers for 25 years.

Kevin Maughan, CEO of UrbanVolt, said: “This will save businesses money, but the real value is that it enables businesses to take direct action to reduce their carbon footprint.”

Established in 2015, UrbanVolt has to-date concentrated on helping large companies reduce their electricity bills by upgrading lighting systems in factories and warehouses with energy efficient LED lighting systems.

The company installs and maintains the LED lights at its own expense and then earns income by sharing the resulting savings with the client company.

Mr Maughan said the company will offer solar powered electricity alongside its existing LED lighting product.

The company, whose clients include brewing company Heineken, pharmaceutical company Pfizer, and global supply chain solution-provider Syncreon, has operations in Ireland, UK, the United States and in eight European markets.