Nualight gets EUR 9.1 million to grow LED retail-lighting business
Climate Change Capital Private Equity leads investment round and is joined by Irish-government-backed ESB Novusmodus.
Based in Cork, Ireland, Nualight has received a EUR 9.1 million cash infusion that will help the company grow its business that is focused on LED-based light fixtures that are used to illuminate retail display cases. Climate Change Capital Private Equity (CPE) led the investment round taking EUR 3.75 million worth of regular and preferred shares and joining ESB Novusmodus, the renewable energy investment fund of the ESB Irish State electric utility, in an additional EUR 5 million investment.
Nualight supplies LED luminaires to international food and high-end retail chains. CPE Partner Simon Drury said, “Our due diligence showed that Nualight is a clear leader in developing the most effective lighting solutions for retailers, both in terms of energy efficiency and merchandising effects. With the company’s strong market position amongst display case manufacturers and retailers, and its high-quality management team, we are confident that the company will continue their growth as this market accelerates.”
CPE's Drury will take a seat on the Nualight board of directors. Nualight CEO Liam Kelly said, “We are delighted to welcome CPE to Nualight and look forward very much to accelerating the development of the business from a significantly strengthened capital base. Nualight’s board and its investors now encompass interests and perspectives from international retail, global cleantech, and energy utility sectors, giving us a unique strategic perspective, and the capacity to target rapid growth and successful execution of our business plans.”
Nualight was founded in 2004 and has established a significant position in the retail market with its Vantium family of products that it can customize to customers' needs. Retailers are rapidly moving to LED lighting to save energy and lower maintenance costs due to the long lifetime of LEDs. LEDs also prove superior to legacy lighting in terms of not damaging food products or soft goods from heat and UV radiation.
Some of Nualight's existing supermarket customers include Tesco, Switzerland's Migros and Co-op chains, and Rewe in Germany. Nualight also supplies its fixtures under private label contracts to companies around the globe.
CPE is a EUR 200 million fund that's focused on investments in clean technology companies, and is managed by Climate Change Capital Ltd. The fund-management and advisory group invest globally. In addition to CPE, the group has a China fund focusing on renewable energy and energy efficiency projects.