A Mallusk-based solar panel design and installation company has received an investment of £1.5m from a fund manager.
Solarfix have received the equity funding from Whiterock after a management buy-out by Michael O’Donnell, now the managing director of the company.
Solarfix has installed more than 2,000 solar systems in Northern Ireland, including large commercial projects on high-rise buildings and grid systems installed in fields.
The company believes the funds will allow it to expand operations “further afield” installing its systems.
It says the major investment will “expand its offering and help reduce energy bills for domestic and commercial customers”.
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Michael O’Donnell, managing director of Solarfix, said: “We are 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 20mw 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 NI’s energy infrastructure.
“We are seeing more commercial opportunities as businesses look to meet Co2 emissions targets and save on their energy costs.”
Solar panels being fitted to a home
The equity investment was completed by Whiterock’s growth capital fund, and received debt finance from the Investment Fund for Northern Ireland, a programme of the British Business Bank.
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.”