Circal, an Irish firm specialising in energy storage development, has succeeded in securing new funding of €15 million. This capital will be deployed towards their onshore solar endeavours championing green energy. Bill Sadlier, who is at the helm of Circal, disclosed that dialogues are presently underway with landowners who will be directly affected by the construction and running stages of these projects.
The generous €15 million financial boost has been procured from Octopus Energy Generation, an investment firm with a penchant for energy. The firm is in charge of over 230 green energy projects dispersed across the continent of Europe. Having established a Dublin office just last year, it now manages a robust portfolio of 260 megawatts born from both solar and wind farm ventures on Irish soil.
The parent company, Octopus Energy Group, is a conglomerate that incorporates diverse sectors including energy for businesses, electric vehicles and an innovative technology platform called Kraken that is designed with the energy sector in mind. Internationally, it oversees a staggering 3.8 gigawatts of eco-friendly energy projects disseminated over 15 countries, with an eye-watering worth of £7 billion (€8.4 billion).
According to Mr Sadlier, this hefty investment will empower Circal to channel funds into their solar ventures, thereby aiding the Irish economy’s decarbonisation process. He hailed this unrivalled investment as a testament to the faith in producing renewable energy solutions, adding “clean energy is the future of power generation”.
Circal’s ongoing sustainability projects in Ireland, boasting seven undertakings in progress in counties Meath, Limerick, Cork and Galway, will experience significant enrichment from this investment. The company also maintains four projects in the US. Circal, proudly founded by Bill Sadlier and Sean Manley, is putting onshore projects under the spotlight in order to develop them cost-effectively.
Lastly, being positioned cleverly close to areas of high demand allows Circal to maximise the efficiency of the Irish electricity grid, according to Mr Sadlier.
Circal has engineered a program designed to pinpoint the regions that would yield the most advantages by introducing eco-friendly initiatives, and bring to the company’s attention any potential hazards allowing it to prepare accordingly. But no funding received will be allocated for the progression of this particular software. During the previous two decades, Circal has channelled €4 billion into diverse environmentally-friendly energy ventures across Europe and the United States.