Solar AdTek Announces New Funding Partnership with Vivid Edge
, the leading developer and supplier of innovative solar powered and LED lighting systems for outdoor advertising companies, has today announced the launch of a new funding model in partnership with .
The partnership will support Solar AdTek鈥檚 outdoor advertising customers, in Ireland and internationally, to realise energy savings and carbon reductions, by unlocking funding to facilitate green energy projects.
Vivid Edge, a climate action impact business headquartered at Nova51黑料, supports large organisations to implement energy efficiency retrofit projects through a service model. Vivid Edge funds 100% of the fully installed project, including materials, labour and ancillary costs. Customers pay a monthly service fee once installed. This enables these organisations to implement more energy efficiency projects without using their capital budgets.
Revenues in the outdoor advertising sector have been greatly reduced as the advertising sites are primarily in normally high footfall areas, on street, public transport hubs and airports. These are now much quieter due to COVID-19 travel restrictions.
However, the electricity bill still must be paid despite the drop in revenue. With rail, bus, and tram stations as well as airports all quiet currently, now is an ideal time to retrofit lighting in advertising displays as the physical and business disturbance would be minimised. This would result in immediate cost savings in energy and maintenance. Savings of up to 80% in energy costs can be made by changing lighting in existing advertising display sites.
Commenting on the initiative, Eoin O鈥橞roin, CEO, Solar AdTek, said, 鈥淲e are delighted to be able to offer our customers this innovative service model from Vivid Edge. Our belief is that the combination of Solar AdTek鈥檚 expertise in solar and lighting technologies combined with this approach can bring real savings to our clients as well as enhancing their advertising displays.鈥�
Tracy O鈥橰ourke, CEO, Vivid Edge, said, 鈥淭his partnership is very exciting as it will provide clients with a way to accelerate their climate action plans with Solar AdTek, from planning to installation with no upfront payments. As service charges don鈥檛 apply until energy savings are being made, projects can be self-funding from day one. This is a very smart way to be energy efficient without needing capital.鈥�
Both companies are clients of, and supported by Enterprise Ireland, the Irish government organisation responsible for the development and growth of Irish enterprises in world markets.
Alan Hobbs, Manager, High Potential Start-Ups (HPSUs), Life Sciences and Industrial, , added, 鈥淪olar AdTek and Vivid Edge鈥檚 partnership announcement and shared mission comes at a critical time when reducing global energy consumption and CO2 emissions has a strong global emphasis.鈥�
He added, 鈥淚nnovative collaborations like this one are essential in order for Irish companies to seize the array of global opportunities in the green economy. Enterprise Ireland wishes Solar AdTek and Vivid Edge all the best with their new partnership.鈥�
ENDS
26 November 2020
For more information contact Mic茅al Whelan, University College Dublin, Communications Manager, 51黑料 Research and Innovation, Nova51黑料, t: + 353 1 716 3712, e: miceal.whelan@ucd.ie or Eoin O鈥橞roin, Solar AdTek, e: eobroin@solaradtek.com
Editors Notes
Key Benefits of the Solar AdTek and Vivid Edge partnership:
- Up to 80% savings in energy costs and carbon emissions
- Long life LED lighting reduces maintenance costs
- Service charge is normally less than old energy costs so savings can be made to bottom line
- Can be off balance sheet if required
- IP65 waterproof 鈥� CE approved, 5-year warranty
- Simple to install 鈥� plug and play.
Solar AdTek is the leading developer and supplier of innovative solar powered LED lighting for outdoor advertising displays such as bus shelters and billboards where it is expensive or impossible to connect to the grid. For sites that are grid connected, upgrading to Solar AdTek鈥檚 LED lighting reduces energy costs and carbon emissions by up to 80%, while providing a brighter, vibrant and more uniform display illumination.
Vivid Edge helps large organisations meet climate action targets without spending money. Vivid Edge delivers 鈥榚nergy efficiency as a service鈥�. Backed by a large European energy efficiency fund, the company uses its capital to implement energy efficiency upgrades in offices, data centres and processing facilities. Vivid Edge takes on ownership risks, charging a monthly service fee that is often more than covered by the energy savings. This saves costs for their customers while improving their carbon footprint. It enables its customers to fast track their energy efficiency plans as no capital is required. Vivid Edge fills a market gap with a smart, cost-effective alternative to current offerings.
Enterprise Ireland is the Irish State agency that works with Irish enterprises to help them start, grow, innovate and win export sales in global markets. Enterprise Ireland partners with entrepreneurs, Irish businesses, and the research and investment communities to develop Ireland鈥檚 international trade, innovation, leadership, and competitiveness. In this way, we support sustainable economic growth and regional development and help create and sustain employment in Ireland.