CrystalIQ Raises VC

CrystalIQ Group BV, a Dutch provider of sapphire substrates for the production of white LEDs, has raised an undisclosed amount of venture capital from Sustainable Energy Technology Fund (SET Fund), EPT / Benno Wiersma and E2 Cleantech.

 

PRESS RELEASE

 

CrystalQ Group B.V. announces today having received investments from Sustainable Energy Technology Fund (SET Fund), EPT / Benno Wiersma and E2 Cleantech. These investments build on previous investments by the management of CrystalQ and NOM Finance (part of N.V. NOM).

 

CrystalQ Group B.V., based in Stadskanaal on the former Philips premises, is specialized in the preparation of the base material for the production of white LED's. The company prepares sapphire crystal wafers and polishes these to high quality wafers for the fast growing LED industry. This round of investments will support CrystalQ entering into the growing of sapphire crystals. Its customer base consists of leading LED manufacturers.

 

Demand for white LED's increases rapidly through higher penetration in current applications (mobile phones, flat television screens) and moving into new applications like automotive and general light sources. The LED market is growing fast because of LED's low energy usage (10 times lower than conventional light sources), the long lifetime and the high reliability.

 

Joris Barendregt, General Manager of CrystalQ says: “We are particularly happy with the fact that we have found investors that are specialists in clean energy. This investment allows us to accelerate our growth and boost our leading position in the production of high quality wafers for the world's most demanding applications.”

 

Casper Heijsteeg, Director at E2 Cleantech states: “LED lighting will overtime contribute to a more sustainable usage of energy. Lighting currently accounts for 19% of the worldwide electricity demand. Imagine the contribution of a quick transition to LED lighting to a low carbon economy.

 

Wouter Jonk, Managing Director of SET Venture Partners adds: “CrystalQ's know-how and supply of high quality wafers will make the fast growth of the LED market possible, herewith adding substantial value for its shareholders.”

Erik Boersma, Business Partner of EPT / Benno Wiersma: “The proceeds will be used to expand CrystalQ's manufacturing base and will fuel the ambition of CrystalQ to become one of the global leaders in supplying sapphire wafers to its customers.

Siem Jansen (CEO N.V. NOM): “In the last few years CrystalQ has proved to allocate the investment in the right way by their impressive results. It delivers the required quality while continuously working on improvements and innovations in the process. CrystalQ has now attracted important partners who will both financially and strategically contribute to multiplying the activities on the former Philips premises in Stadskanaal. In terms of facilities and required workforce, they are at an excellent location”.