Irish energy services company UrbanVolt has secured €30m in funding from Swiss investment group SUSI.
The agreement will see the SUSI Energy Efficiency Fund co-invest with UrbanVolt in energy efficiency projects being installed in SMEs across the country.
The aim is to accelerate the adoption of sustainable energy solutions by Irish businesses and result in annual emission savings of 205,000 tonnes of CO2 and annual energy savings of over 1TWh (equivalent to the power requirements of 36,000 Irish households).
The SUSI Energy Efficiency Fund is the largest private investment fund specialised in financing energy efficiency projects in Europe.
UrbanVolt was established last year by former Merrill Lynch corporate financier Kevin Maughan, together with Graham Deane and Declan Barrett.
The company is currently the preferred lighting supplier for Bord Gais Energy’s 30,000+ commercial customers.
UrbanVolt funds, fits and maintains LED lighting solutions for large commercial properties (such as manufacturing plants, warehouses, car parks or large offices) and shares the money saved by the business as a result.
UrbanVolt CEO Kevin Maughan said the deal will “ensure that we have more than sufficient funding to support our roll-out across Ireland over the coming years”.