Solar panel design and installation company Solarfix has secured a £1.5 million funding package from Whiterock to expand its offering and help reduce energy bills for domestic and commercial customers across the UK and Ireland.
The funding package is comprised of equity investment from Whiterock’s Growth Capital Fund and debt finance from the Investment Fund for Northern Ireland.
Following a management buy-out by sales director Michael O’Donnell, the investment supports the growth of the business to develop turnkey green energy solutions for homes and businesses.
Solarfix has already installed over 2,000 systems across the north, generating more than 16 million units of low-cost electricity and saving over 4,000 tonnes of carbon a year.
The investment from Whiterock will enable it to offer these benefits further afield helping to reduce costs and emissions for businesses and home-owners.
The team behind the company has over 20 years’ experience in the solar industry, from fitting rural off grid systems to large scale commercial projects in high rise city centre buildings.
A typical Solarfix system can produce electricity that is cleaner and cheaper than buying it from the grid and pays for itself in under five years, mitigating fluctuations in electricity prices with panels guaranteed for 25 years.
Michael O’Donnell said: “We’re very appreciative of our existing clients, who have been highly supportive of our business, helping us to drive growth naturally and leading us into new markets.
“Building on our leading position in the domestic market, we are delighted to partner with Whiterock to invest further into delivering energy solutions for the commercial market across the UK and Ireland.
“Over the next 10 years our vision is to see Solarfix become a leader in sustainable energy solutions across the UK and Ireland. We have already experienced significant growth within our team, and we are actively recruiting to meet demand.
“With nearly 20 megawatts of solar panels installed on sites ranging in size from 4kw to 1,000kw and including flagship projects such as Royal Portrush Golf Club, Solarfix systems now form an important part of Northern Ireland’s energy infrastructure. We are seeing more commercial opportunities as businesses look to meet Co2 emissions targets and save on their energy costs.”
Chris Trotter, investment director at Whiterock, said: “We are pleased to partner with Solarfix as they make further investments in their products and markets. With energy costs and sustainability being a key concern among customers and businesses we are delighted that our £1.5m investment will drive green energy adoption in the UK and Ireland.
“Solarfix has led the way in Northern Ireland with their customer-first approach and we look forward to supporting them as they continue an upward trajectory in sales and installs.”
