The Dublin-headquartered solar company plans to grow its solar services in Ireland and the UK.
Green energy supplier UrbanVolt has secured a €40m debt facility with HSBC, bringing its debt and equity funding to €230m. The ‘solar as a service’ platform intends to use the funds to scale its offerings across Ireland and the UK.
Established by Kevin Maughan, Declan Barrett and Graham Deane in 2015, Urbanvolt has offices in Dublin and London.
The start-up develops a clean-energy platform that aims to make sustainable solar power more accessible to businesses. It designing, finances, installs and maintains solar panels for customers, enabling the customer to buy solar-generated electricity at a potentially lower cost than utility rates. It counts Heineken, Flextronics and Syncreon among its client base.
Justin Jacober, the CEO of UrbanVolt, said, “This financing from HSBC Innovation Banking and HSBC Asset Management is an important milestone in UrbanVolt’s growth ambitions, enabling us to fast-track the implementation for both our existing and future customers in Ireland and the UK.
“In an unpredictable global economic climate, this funding reinforces UrbanVolt’s position in the renewables sector, providing stability and confidence to customers transitioning to renewable energy.”
Conor Sheehy, the head of warehouse finance at HSBC Innovation Banking UK, said, “We are delighted to support UrbanVolt on their next chapter of growth, as they look to accelerate the delivery of commercial and industrial projects in Ireland and the UK.”
In 2023, the company raised €26m from investor Verdane, stating the money would be put towards a European expansion.
Green energy is fast becoming a must have for businesses as they work towards organisational climate targets.
This week, Solas, Ireland’s state agency for further education and training, issued a report, compiled by the Skills and Labour Market Research Unit, which measured the level of green employment in Ireland during the last quarter of 2024. The data indicated that 75pc of employment in Ireland currently requires some degree of ability when it comes to green skills.
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