UrbanVolt, a solar-as-a-service company, raised €26 million (~$28 million) from European investor Verdane, bringing the company’s total funding raised to date to €200 million (~$215 million).
UrbanVolt’s Solar-as-a-Service model involves financing, installing, and maintaining solar panels for customers.
The funding will help UrbanVolt expand in the Irish, UK, and European markets. UrbanVolt’s clients include brewing company Heineken, pharmaceutical company Pfizer, medical device manufacturer Zimmer Biomet, and global supply chain solution provider Syncreon.
Kevin Maughan, co-founder and CEO of UrbanVolt, said: “Securing this €26 million funding from Verdane marks a pivotal moment for UrbanVolt as we set our sights on an ambitious European expansion. We are thrilled to have the support of Verdane, a renowned specialist growth investor and fellow certified B Corp company, who share our vision for a sustainable future. 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.
“UrbanVolt fills a critical gap in the market, providing Power Purchase Agreements that enable the underserved SME sector to access solar energy without the burden of upfront costs. UrbanVolt raised €66m in debt finance in 2022, which enabled UrbanVolt to provide electricity at a hugely attractive fixed term rate without exposing clients to a rise in interest rates. UrbanVolt also shoulders all costs associated with the maintenance of solar panels on their clients’ roofs”, said Reed Snyder, Principal at Verdane.
According to Mercom’s 1H and Q2 2023 Solar Funding and M&A Report, In 1H 2023, global VC funding activity rose 3% YoY, with $3.8 billion in 33 deals compared to $3.7 billion in 53 deals in the first half of 2022.
Recently, Terabase Energy, a digital solutions provider for solar power plants, received $25 million in a new financing round led by Fifth Wall, with participation from EDP Ventures and existing investors.