Renewable energy investor Low Carbon Investment Management has announced a $65 million investment in energy efficient lighting group UrbanVolt.

The asset manager said the investment in UrbanVolt, which specialises in upgrading commercial buildings to LED lighting to reduce carbon emissions, would be a great “long-term” partnership.

In a media statement announcing the deal, Dominic Noel-Johnson, investment director at Low Carbon, said the investment group was “committed to investing in world class renewable energy solutions.”

He added: “UrbanVolt has developed a leading Light as a Service delivery model to help companies realise significant savings through energy efficiencies, without incurring any upfront cost.

“This has important financial benefits but also ensures businesses are contributing to sustainably reducing their carbon emissions.”

UrbanVolt’s commercial model is based on upgrading commercial buildings to LED lighting for no upfront capital cost. A proportion of the energy saving is then paid to UrbanVolt as a service charge for the first five years, during which time UrbanVolt also maintains the lights.

UrbanVolt CEO Kevin Maughan said the deal would ensure that the company can deliver thousands more projects each year.

He explained: “In addition, the multi-currency dimension of the financing arrangement is key given that we are working on new projects with a growing list of clients across the US and Europe.”

UrbanVolt, which launched in 2015 has recently opened new offices in Chicago and Florida and is seeking to open another office in California in the coming months.