Solar AdTek, 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 Vivid Edge.
The partnership will support Solar AdTek’s 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 NovaUCD, 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’Broin, CEO, Solar AdTek, said, “We 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’s expertise in solar and lighting technologies combined with this approach can bring real savings to our clients as well as enhancing their advertising displays.”
Tracy O’Rourke, CEO, Vivid Edge, said, “This 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’t 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.”
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, Enterprise Ireland, added, “Solar AdTek and Vivid Edge’s partnership announcement and shared mission comes at a critical time when reducing global energy consumption and CO2 emissions has a strong global emphasis.”
He added, “Innovative 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.”