Nualight Ltd., a Cork, Ireland-based maker of LED lighting solutions for retailers, has raised €9.1 million in VC funding. Climate Change Capital Private Equity led the round, and was joined by 4th Level Ventures and return backer ESB novusmodus (affiliate of the Irish State electricity company).
Climate Change Capital Private Equity (“CPE”), a €200 million fund dedicated to investments in clean technology companies, has led a €9.1m funding round in Nualight Ltd, a leading manufacturer of LED lighting solutions to the retail sector. Nualight is based in Cork, Ireland.
CPE subscribed for €3.75 million (of ordinary and preference shares) in a €4.1m round alongside existing shareholders and committed a further €5m jointly with existing investor ESB novusmodus, the renewable energy investment fund of ESB, the Irish State electricity company. Other investors include 4th Level Ventures, an early stage technology fund and existing shareholder.
Nualight’s LED light fixtures are used for illuminating display cases in international food and high-end retail chains. Supermarket customers include Tesco plc, Switzerland’s Migros and Co-op chains and Rewe in Germany. Nualight also supplies under private label contracts to leading global companies.
Retailers are replacing existing lighting technologies with LED lighting, allowing them to achieve energy savings of up to 60%, both from lighting and refrigeration energy. The LEDs also eliminate maintenance costs, due to the LEDs’ longer lifetime, and improve product placement by creating brighter more vibrant displays through better focus and colouring. Nualight has built up a leading position in the market with its Vantium range of products which it tailors to retailers’ specific needs.
Simon Drury, a CPE Partner, 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.”
Simon Drury will take a seat on Nualight’s Board of Directors.
Nualight’s 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.”
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Climate Change Capital Ltd
Simon Drury, Partner
Tel: +44 207 939 5148
Jackie Gallagher, Q4 Public Relations, Dublin +353 87 2371838
NOTES TO EDITORS
About Climate Change Capital Ltd (www.climatechangecapital.com)
Climate Change Capital Ltd (“CCC”) is a fund management and advisory group specialising in the opportunities generated by the global transition to a low carbon economy.
With over 120 employees in offices in London, Beijing and Washington, CCC acts as a fund manager for numerous low carbon investment activities including:
•The world’s largest private carbon fund financing a variety of renewable and energy efficiency projects in China including: land fill gas, biomass, wind and hydro
•One of Europe’s largest clean tech Private Equity funds
•Funds financing onshore renewable energy projects in the UK
•The UK’s first fund purchasing and improving the energy efficiency credential of inner city commercial property
CCC also operates an Advisory Group which provides financial, strategic and policy advice to energy-intensive industries, financial institutions, clean technology companies and governments.
About Nualight Ltd. (www.nualight.com)
Since inception in 2004, Nualight has used its in-house technology, IP and expertise to develop a product range which positions it as a global leader in this space. Nualight is currently one of the top suppliers of LED lighting for merchandising display cases in global food retail and has also developed tailored lighting products for high-end retail applications such as jewellery and luxury brands. Focussing exclusively on the retail sector, the company is recognised worldwide as an expert in maximising LED lighting for retail gain.
The company has an extensive headquarters and manufacturing facility based in Cork, Ireland as well as global outsourcing partners in Europe and North America. Nualight is led by Liam Kelly PhD whose two previous businesses (CorkOpt and Farran Technology) sold to publicly listed companies. He is supported by an experienced management team and Board which is chaired by Eamonn Quinn, formerly of retailing chain Superquinn, who has extensive knowledge and experience of international food retail. The management team (Paul Kelly VP Business Development, Chris Russell VP Sales, John Crowley COO, Vincent Guenebaut VP Product development and Siobhan O’Sullivan Financial Controller have extensive experience in global high-growth companies such as Parthus, Trintech, Cirrus Logic, Johnson Controls, and Flextronics.
About LED lighting
Light Emitting Diode (LED) lighting is a semiconductor-based lighting technology which offers significant energy savings as well as lifetimes of 50,000 hours or more.
Retail stores are amongst the highest commercial users of energy and are under pressure from environmental legislation and cost considerations, to reduce carbon footprint. Lighting and refrigeration account for 78% of all energy usage in supermarkets. Many of the world’s leading retailers are adopting LED lighting, including Wal-Mart Stores Inc. and Tesco plc.
The value proposition to a food retailer is that Nualight’s products slash refrigerated display lighting energy costs by up to 60% and maintenance costs to almost zero. Nualight digital lighting also brings significant enhancements to merchandising effectiveness leading to increased sales and a better store environment