Renewable energy firm Astatine has raised €15m in funding to accelerate the expansion of it plans for the decarbonisation of industrial and manufacturing businesses.
The money has been pledged by Solas Sustainable Energy Fund ICAV, advised by Dublin and Zurich based Solas Capital.
The deal also includes an option for a further €10m in funding.
Astatine identifies and implements renewable energy technologies, such as solar PV and heat pumps, for clients' specific needs.
"We work across many sectors including the food, dairy, drinks and pharmaceutical sectors to support them in achieving their carbon reduction requirements," said CEO and co-founder of Astatine, Tom Marren.
"Our engineers worked closely with each of these organisations to design a revolutionary new system that will cut operating costs and cut carbon emissions."
"We look forward to working on more large-scale carbon reductions for Irish industry, enabling large energy users to transform how they power their businesses."
In order to make paying for the equipment more affordable, Astatine offers a service where it pays the upfront capital cost itself and clients then pay for the energy they consume through a unit rate that includes the cost of the equipment and installation.
"The projects will make an important contribution to Ireland’s climate strategy and the efforts of commercial and industrial companies to reduce their carbon footprint and energy bills at a critically important time for the climate and energy security," said Solas Capital co-founder, Paul Kearney.
Astatine was founded by Mr Marren who is a former EY Entrepreneur of the Year finalist.
