Low Carbon Lighting switched on for success
A NORTH EAST lighting manufacturer is anticipating sales in excess of £2million over the next year after landing venture capital investment.
Low Carbon Lighting (LCL) designs and manufactures LED lighting which uses up to 70% less power than conventional lighting and lasts ten times as long.
The Newcastle-based business has received a package of £520,000 in funding from the Finance for Business North East Proof of Concept Fund and the Finance for Business North East Accelerator Fund managed by Northstar Ventures.
The investment will be used to ramp up production of LCL’s two lighting products at Ashington-based manufacturer Raytec.
Tim Cantle-Jones, CEO of LCL, said: “We are delighted to have received support from Northstar Ventures as it has been absolutely crucial in taking the business to the next stage of development, particularly moving towards full scale production and global sales of our products.
“We are very excited about the future as the case around the savings and return on investment to customers is absolutely compelling. We believe we have the best product in the market place and expect sales in excess of £2million over the next 12 months.”
LCL has already secured significant sales for its two products – luxon street, which replaces traditional street lighting; and luxon industry for commercial premises such as warehouses, car showrooms, sports and manufacturing facilities.
Both products will be showcased at a series of high profile industry events later this month at the Turbine Hall in Newcastle city centre.
As well as the Northstar Ventures’ investment, LCL has also been supported by the Newcastle Science City project.
Mr Cantle-Jones added: “Our products are designed in Newcastle and manufactured just up the road in Ashington and it is important for us to be part of the City’s aim to become a leading science and technology capital. This is a success story for our region particularly as so many LED products are made in China and the Far East.”
Dr Richard Exley, Investment Manager at Northstar Ventures, added: “Low Carbon Lighting has demonstrated an impressive value proposition in lighting with its ability to radically improve efficiency and performance and its excellent payback.
“Now that the luxon lights are in production and contributing to cutting carbon emissions as well as reducing costs for customers across a range of sectors, we are confident that LCL can become a global player in low carbon lighting.”
This was posted in Bdaily's Members' News section by Publicity Seekers PR .
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