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Irish renewable energy experts receive up to €25 million in funding to aid expansion

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Irish renewable energy experts receive up to €25 million in funding to aid expansion

Irish renewable energy experts receive up to €25 million in funding to aid expansion
February 21
10:04 2023
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Renewable experts Astatine Ireland have secured an initial €15 million in project funding from the Solas Sustainable Energy Fund ICAV, advised by Dublin- and Zurich-based Solas Capital, with the option to increase the size of the facility by a further €10 million. This investment will be used to accelerate the expansion of Astatine’s decarbonisation campaign for industrial and manufacturing firms.

Astatine specialises in identifying and implementing renewable energy technologies tailored to clients’ specific requirements, including but not limited to Solar PV solutions and Heat Pumps up to 200 degrees Celsius. Their bespoke solutions typically offer over 50% in energy savings.

Astatine will use this funding to finance the installation of Solar PV and heat pump solutions to their commercial and industrial clients.

CEO and co-founder of Astatine, Tom Marren (pictured) said: “This announcement highlights Astatine’s commitment to the decarbonisation of Irish industry. We are working tirelessly to deliver sustainable and cost-effective solutions to our clients, and this funding will help us with the expansion of our work on a larger scale.

We work across many sectors including the food, dairy, drinks and pharmaceutical sectors to support them in achieving their carbon reduction requirements. 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.”

Solas Capital co-founder, Paul Kearney added: “We are delighted to be partnering with Astatine and their team of leading energy engineers, and to support their role out of decarbonisation projects. 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.

Astatine provides its customers with a full turnkey solution to their decarbonisation requirements, from initial design to final operation, including service agreements post operation.

Astatine recognises that while many Irish businesses are looking to decrease their carbon footprint, both time and financial resources can be a constraint, which is why it provides the ‘As A Service’ option to its clients.

The ‘As A Service’ option operates whereby Astatine pays the upfront capital cost and then agrees upon a unit rate for the solar electricity or heat it provides to their client, similar to how electricity, gas, or oil is paid, and like other utilities, clients will only pay for the energy they consume via a regular bill.

Not only is this service reliable and efficient, but it is also quick, with projects typically delivered in three to nine months, primarily depending on the size. After completion, Astatine continues to work with the client to find ways to save costs and decrease their carbon footprint.

The expansion of Astatine has been possible under the leadership of CEO and former EY Entrepreneur of the Year finalist, Tom Marren, who has over 28 years’ experience in the energy sector developing and delivering large scale energy projects using a variety of innovative technologies. With this additional project funding, Astatine will be able to expand its team, attracting top talent across the renewable energy sector, and take on even more ambitious projects that bring Ireland towards a more sustainable future.

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