UrbanVolt, the leading Irish solar-as-a-service company, has secured a €40 million, multi-currency debt facility from HSBC Innovation Banking UK and HSBC Asset Management.
This financing means the Dublin-headquartered company with offices in London has secured over €230 million to date. The latest debt facility will be used to fund the group’s continued growth and accelerate the delivery of commercial and industrial projects in Ireland and the UK.
UrbanVolt helps business customers make a cost-effective transition to clean energy with its ‘Solar-as-a-Service’ business model. Customers include brewing company Heineken, Blanchardstown Shopping Centre, multinational manufacturer Flextronics, and global supply chain solution provider Syncreon.
UrbanVolt’s business model involves designing, financing, installing, and maintaining solar panels for customers, enabling the customer to buy solar-generated electricity at a potentially lower cost than utility rates.
In 2023, UrbanVolt announced a €26 million equity investment from leading European specialist growth investor, Verdane. In August 2024, Justin Jacober, the former managing director of UK-based energy company Centrica Business Solutions, was appointed as UrbanVolt’s new CEO to drive further international expansion.
Justin Jacober, CEO of UrbanVolt, said: “This financing from HSBC Innovation Banking and HSBC Asset Management is an important milestone in UrbanVolt’s growth ambitions, enabling us to fast-track the implementation for both our existing and future customers in Ireland and the UK. In an unpredictable global economic climate, this funding reinforces UrbanVolt’s position in the renewables sector, providing stability and confidence to customers transitioning to renewable energy.”
Conor Sheehy, head of warehouse finance, HSBC Innovation Banking UK, said: “We are delighted to support UrbanVolt on their next chapter of growth, as they look to accelerate the delivery of commercial and industrial projects in Ireland and the UK. This financing is an example of collaboration between HSBC Innovation Banking and HSBC’s Asset Management team, bringing together our expertise to provide bespoke support and deliver tailored financing solutions for our clients.”
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About UrbanVolt
Founded in Dublin in 2015 with offices in London, UrbanVolt has raised over €230 million in debt and equity to date. It became Ireland’s first certified B Corp in Ireland in 2018 and was recognized as European Startup of the Year at the Startup Europe Awards and Service Exporter of the Year in 2023.
About HSBC Innovation Banking
HSBC Innovation Banking provides commercial banking services, expertise and insights to the technology, life science and healthcare, private equity and venture capital industries. HSBC Innovation Banking is a subsidiary of HSBC Group, benefiting from its stability, strong credit rating and international reach to help fuel its growth.
