The equity funding, provided by a consortium of existing investors and new investors from Africa, will enable the company “to rapidly expand its portfolio of LED applications, accelerate international penetration of new markets and deploy innovative distribution models.”
Lemnis Lighting founder Warner Philips says that the funding gives Lemnis “a jump” on deploying products the markets are demanding. “With the LED space predicted to grow to $1.6 billion by 2012, we are now well positioned to meet the growing consumer demand for lighting that is energy-efficient and non-harmful to the environment,” he said. “The jump from theoretical technology to products on your neighborhood hardware store shelves is upon us.”
Remko Gaastra, CEO of Lemnis Lighting, is looking forward to working with the new co-shareholders: “This investment shows that Lemnis’ partnership model and approach of emerging markets, where energy is scarce and funds are limited, is well received. We are proud to have such a strong set of partners, who can add substantial value through their vast networks and expertise of the African continent.”
Lemnis Lighting says that it sold 2.5 million Pharox LED lamps in 2009, which, it claims, makes it “the top selling consumer LED company in the world.”
Lemnis Lighting B.V. is a Dutch company with limited liability, and is a subsidiary of Tendris Holding. Lemnis has offices in the Netherlands, San Francisco, Hong Kong and Singapore.