Lighting Retrofit International LLC, a provider of lighting and water building efficiency services, has raised an undisclosed amount of growth equity funding from Arborview Capital.
Arborview Capital, a private investment firm that provides growth equity capital to emerging clean energy companies, announced today that it has completed an investment in Lighting Retrofit International, LLC (“LRI”), a leading provider of lighting and water building efficiency services to government, institutional, and commercial customers. As a result of the financing, Joseph Lipscomb and Karl Khoury of Arborview Capital will join LRI’s Board of Directors.
“With the building efficiency sector on the cusp of transformational change, Arborview’s investment will allow LRI to support the rapid growth and nationwide presence of our energy service company (ESCO) customers,” said Steve Troese, CEO of LRI. “Having completed over 160 of the largest government lighting efficiency projects in the U.S., LRI is well positioned to take advantage of the burgeoning demand in the building efficiency services industry. We are pleased to find a partner that shares our vision of building upon LRI’s reputation as an industry leader.”
Energy consumed by buildings represents more than a third of global energy demand with lighting accounting for 19% of all electricity consumed worldwide, according to the International Energy Agency. The Energy Independence and Security Act of 2007 requires all U.S. Federal buildings (which number more than 500,000) to reduce energy intensity by 30% and reduce water use by 16%. Recognizing the economic, national security, and environmental benefits of energy efficiency investments, the Federal Government recently passed legislation increasing building efficiency spending dramatically over the next 5‐10 years. In addition, a wide range of commercial, institutional and government customers nationwide are actively pursuing building efficiency measures.
“Building efficiency projects generate immediate, easily measurable benefits in the form of reduced energy costs while also serving important public policy goals such as energy independence and carbon emission reductions,” said Joseph Lipscomb of Arborview. “LRI is in an ideal position to capitalize on the demand for building efficiency services driven by favorable market dynamics and the Company’s reputation for providing reliable energy efficiency gains and superior customer service.”
“Energy efficiency is a key area of focus for Arborview Capital as we build a diversified portfolio of clean energy investments,” said Karl Khoury of Arborview. “LRI fits squarely into our firm’s growth equity investment strategy. We seek to invest in established businesses that have strong leadership and superior organic growth potential. We look forward to working with Steve Troese and the team to continue building upon the Company’s track record of success.”
LRI is one of the largest providers of lighting and water building efficiency services to government, institutional, and commercial customers. With over 160 completed energy efficiency projects, LRI has emerged as a critical partner for ESCO’s that manage large building efficiency projects. Additional information is available at www.lr-inc.com.
About Arborview Capital
Arborview Capital is a private investment firm that makes growth equity investments in clean energy companies across the energy efficiency, renewable energy, and pollution mitigation sectors. The firm’s principals have invested in more than 20 companies over the past thirteen years and have significant experience partnering with entrepreneurs to build industry leading companies. Additional information is available at www.arborviewcapital.com.