European Investment Platform for sustainable energy assets enables £5 million investment for Irish SME, enabling rollout of Lighting as a Service (LaaS) projects.
Joule Assets Europe’s eQuad Platform successfully facilitates high-profile deal for LUMENSTREAM projects – Belfast’s first Lighting as a Service (LaaS) company
BELFAST, Ireland, 04 September 2018 – Joule Assets Europe successfully facilitated the closure of high-profile UK investment deal through the eQuad Platform. The eQuad platform facilitates investment in European energy efficiency and renewables projects across Europe; the platform launched commercially in May 2018.
Through eQuad, Joule Assets enabled Proven Lighting, a Belfast-based LED Lighting firm, to successfully secure a £5 million deal with a regional financial fund, allowing them to launch their Lighting as a Service model through Lumenstream – a Belfast-based company, whose commercial presence spans the UK and Ireland.
The Lighting as a Service model is based on the principle of Third-Party Finance (TPF) from a financial fund, covering the upfront costs of lighting upgrades to building and industry, in turn empowering owners to instantly reduce energy bills and benefit from increased comfort and sustainability. The LaaS company and investor are then recouped over time through the cash savings the project generates through substantial reduction in total energy spend.
Alistair Brown, Director at Lumenstream, says, “Working with Joule Assets’ eQuad Platform was paramount to our securing the finance deal; Third Party Finance is the key enabler to successfully rolling out LaaS and it is extremely difficult to access. Joule’s eQuad platform expedited the entire process enabling us to launch Lumenstream in just over a quarter. We are now able to offer customers across the UK and Ireland the possibility of easily accessing highly energy efficient technology, and the cold hard cash savings that comes with it.”
Jessica Stromback, Chair, Joule Assets Europe, says, “We are excited about this successful partnership with Lumenstream. At Joule, our mission is to ensure money is never a barrier to the growth of the green economy – but a facilitator. This is why we created eQuad, and why we are committed to ensuring money is funelled to strong projects, such as these. Using this model, small businesses, communities, investors, the entire green economy – can flourish.”
About Joule Assets Europe
Currently valued at €8 billion, the European energy efficiency market has lagged due to high due diligence costs blocking access to capital and complicating project finance. To address this market failure, Joule Assets Europe (“Joule”) provides financing solutions and strategic support for Energy Reduction Assets, including energy efficiency, distributed renewables, storage, and building control measures. Joule’s
online platform, eQuad, provides access to third-party project valuation, performance insurance, project certification, due diligence, and introductions to prequalified capital sources in the form of off-balance sheet financing.