Commercial solar provider UrbanVolt has secured a €26m investment from European growth equity investment firm Verdane.
The money is to be used to support the company's further expansion into Europe.
It brings to €200m the total amount raised by UrbanVolt in both equity and debt so far, with €66m of that raised as debt finance last year.
Founded in Dublin eight years ago by Kevin Maughan, Declan Barrett and Graham Deane, UrbanVolt operates a solar-as-a-service business model.
This enables firms to get solar technology installed at no upfront cost as UrbanVolt finances, instals, and maintains the solar panels for customers.
"Securing this €26 million funding from Verdane marks a pivotal moment for UrbanVolt as we set our sights on an ambitious European expansion," said Kevin Maughan, CEO of UrbanVolt.
"This investment will not only fuel our continued growth in the Irish market but also empower us to bring our innovative solar solutions to businesses across the UK and Europe."
European solar panel capacity is expected to double by 2030 and more than quadruple by 2050, creating a significant opportunity for providers.
UrbanVolt already has agreements with more than 150 businesses in Ireland and the UK.
Its client list has more than doubled since September of last year.
"We are delighted to partner with UrbanVolt and support their ambitious expansion plans," said Reed Snyder, Principal at Verdane.
"UrbanVolt’s unique approach to providing affordable solar energy solutions aligns perfectly with Verdane’s focus on backing decarbonization-oriented businesses."
"Together, we aim to further develop UrbanVolt’s offerings and bring their sustainable solutions to more businesses across Europe, driving positive impact for the environment and the economy."
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