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CPE invests 6.25 million euros in Irish LED Firm
2010-04-25 14:10:12

LONDON, April 28 (Reuters) - Climate Change Capital Private Equity (CPE) has invested 6.25 million euros ($8.33 million) in Irish light emitting diode (LED) manufacturer Nualight Ltd., the fund told Reuters on Wednesday.


CPE committed 6.25 million out of a total 9.1 million euros from a group of investors that included ESB Novusmodus, the Irish state electricity company's renewable energy investment fund, and 4th Level Ventures, an early-stage technology fund.


"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," said Simon Drury, partner at CPE, who will take a seat on Nualight's board of directors. Novusmodus invested 2.5 million euros in Nualight in May 2009, and has now committed another 2.5 million, the company told Reuters.


Nualight's LED light fixtures are used for lighting display cases in international food and retail chains. Supermarket customers include Tesco Plc , Switzerland's Migros retail group and Germany's Rewe.


Retailers can achieve energy savings of up to 60 percent by replacing current lighting technogies with LED lighting, CPE said.


CPE is a 200-million euro fund which invests in clean technology companies. Other investments include a UK biogas firm, a UK energy efficiency services company, and German, Italian and Norwegian solar businesses.

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