Low Carbon Accelerator Ltd said it will invest up to 4 mln usd in Lumenergi Inc. to buy 24.07 pct stake in the company.
Low Carbon has already invested 1.6 mln usd in the producer of energy efficient lighting technology, Lumenergi Inc, for a 14.39 pct equity stake. It has further committed to invest 2.4 mln usd based on performance.
The investment and commitment forms part of an overall 7.5 mln usd funding round split into two tranches, one of 3 mln usd and a further commitment of 4.5 mln usd subject to the milestones.
Lumenergi will use the proceeds to develop its sales and marketing strategy and focus on business development.