€7m round lights up UrbanVolt

Irish light-as-a-service player UrbanVolt saves businesses money by redesigning their energy usage.

Dublin-based energy lighting service UrbanVolt has reportedly closed a €7m funding round.

The funding came from the Irish Government’s Irish Strategic Investment Fund (ISIF) and property executive Stephen Vernon.

UrbanVolt upgrades a business such as a factory’s facilities to energy efficient LED lighting via a light-as-a-service model before installing energy-generating technologies such as solar.

According to the company inefficient lighting can account for up to 80pc of a facility’s energy consumption.

Lighting up change

In 2018 UrbanVolt signed a €55m funding deal with UK investment company Low Carbon to deliver energy-efficiency projects across the US, UK and continental Europe.

Customers include Pfizer, Zimmer Biomet, Cargotec and Pipelife.

The company was founded by Declan Barrett, Kevin Maughan and Graham Deane in 2015.

According to The Irish Times, the new investors are taking a 35pc stake in UrbanVolt. Vernon is taking a 10pc stake in UrbanVolt and will become chairman of the board while ISIF will take the balance.

It is understood the investment will be used to fund the company’s continued growth in the US and Europe.

By John Kennedy (john.kennedy3@boi.com)

Published: , 2020