Braemar Energy Ventures invests in lighting component supplier Fulham

Date Announced: 21 May 2009

BOSTON & HAWTHORNE, Calif. -- Braemar Energy Ventures (Braemar), a venture capital fund making early- to mid-stage investments in the energy technology sector, announced today its $10 million investment in Fulham, a leading assembler and distributor of electronic ballasts for fluorescent, high intensity lights (HID), and light emitting diode (LED) lights.

The transaction allows Fulham to better align the interests of its shareholders with the long-term growth of the Company. The proceeds also provide Fulham with a stronger financial base and more resources to support its worldwide sales growth. Mr. Brian Wald remains Fulham’s chief executive officer and he will be joined on the Board by representatives from Braemar Energy Ventures.

“With the rapid changes occurring in the world’s lighting markets, including more countries moving to ban incandescent lighting, Braemar’s investment will allow us to better serve the changing needs of our customers. Our low cost, highly reliable electronic ballasts are poised to power the fluorescent lighting that will fill the technology gap,” said Brian Wald, chief executive officer of Fulham. “Fulham’s supply of LED drive integrators, the equivalent of ballasts for LEDs, means that we are also well-suited for the eventual migration to LED. In a resource constrained world, Fulham is excited to find an investor that shares our recognition of the need for energy efficient lighting.”

According to research by the Darnell Group, the worldwide ballast market is $6.5 billion and is expected to grow to $11.0 billion in the next five years. Industry trends favor electronic ballasts in fluorescent, later migrating to LED and other forms of solid state lighting.

“In the past two years, Braemar has added four companies to its energy efficient lighting portfolio – a key area for our firm,” said Dennis Costello, Managing Director of Braemar Energy Ventures’ Boston office. “The changes in the lighting markets are profound. Indoor and outdoor lighting remains one of the largest single users of electricity, and therefore energy, worldwide. It will take both innovative technologies and strong channels of distribution to increase lighting efficiency around the world. Fulham is one of the most widely respected names in the lighting components business. They have the added advantage of understanding the new lighting technologies and helping its customers take those technologies to market.”

Fulham joins Braemar’s energy efficient lighting portfolio comprised of Laser Light Engines, Nuventix, and Luminus Devices

Fulham manufactures and sells ballasts for indoor and outdoor use and re-sells lamps from other suppliers. The company also offers a new line of induction lighting components and subsystems which provides an alternative form of fluorescent that is more energy efficient, longer lived and attractively priced. Fulham sells both to lighting distributors and to OEM customers that use Fulham ballasts and other components in their lighting fixtures. Fulham components and ballasts are used in signage and display case lighting, entertainment and movie lighting, the medical industry, and industrial refrigeration, among others.

About Braemar
Braemar Energy Ventures is a venture capital fund making early- to mid-stage investments in the energy technology sector. The firm's principals have invested in more than 50 companies in the sector and have significant technical, operational and financial experience in energy and energy-related industries. Through offices in New York and Boston, the firm targets a wide range of energy technologies that impact stationary power, transportation and portable energy applications.

About Fulham
Today, with two factories in China, sales offices in Hong Kong, USA, Taiwan and Japan and customers in 32 countries - Fulham has grown to become one of the leading suppliers of electronic ballasts for HID and fluorescent lamps in the industry. Fulham offers ballasts for indoor and outdoor use. Its customers include those in the lighting fixture manufacturing business, the sign industry, the POP business, the display case lighting world, the entertainment/movie lighting industry, the aquarium and pet industry, the medical industry, the juke box and arcade game world, the industrial refrigeration industry, the parking lot and street lighting business and a comprehensive program of private label manufacturing. The company offers ballasts in 120, 230 and 277 volt configurations for fluorescent, metal halide, low pressure sodium and mercury vapor lamps. More information: www.fulham.com.

Contact
For Braemar Energy Ventures CJP Communications Gina Sorice Ph: 212-279-3115 x243

E-mail:gsorice@cjpcom.com

Web Site:www.braemarenergy.com

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