Irish firm UrbanVolt has signed a $65m funding deal with UK investment company Low Carbon to expand its international presence and deliver energy efficiency projects across the US.
The expansion is being driven by the large number of US multinationals in Ireland who are clients of UrbanVolt, and are looking out to bring the business model to their global sites.
Low Carbon specialises in renewable energy investment and develops renewable energy projects and technologies.
The investment is expected to eliminate greenhouse gas emissions equivalent to removing every single car travelling into Manhattan.
UrbanVolt CEO Kevin Maughan said: “Low Carbon has an excellent record in investing in innovative business models in the energy services sector and we see them as a great long-term partner for UrbanVolt as we look to expand in the US, UK and Continental European markets.
“This deal will ensure that we can deliver thousands more projects each year. In addition, the multi-currency dimension of the financing arrangement is key given that we are working on new projects with a growing list of clients across the US and Europe.
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“In the US, there has been huge interest in our ‘off balance sheet’ Light as a Service offering with larger corporate clients and our existing projects with Irish-based US multinationals have proved invaluable in demonstrating the effectiveness of UrbanVolt in delivering large-scale energy efficiency projects.”
Currently, UrbanVolt serves its clients located in Ireland, UK, Continental Europe and across the US.