Climate Change Capital Private Equity, a EUR200m fund dedicated to investments in clean technology companies, has led a EUR9.1m funding round in Nualight, a manufacturer of LED lighting solutions to the retail sector.
Nualight is based in Cork, Ireland.
CPE subscribed for EUR3.75m of ordinary and preference shares in a EUR4.1m round alongside existing shareholders and committed a further EUR5m jointly with existing investor ESB novusmodus, the renewable energy investment fund of ESB, the Irish State electricity company.
Other investors include 4th Level Ventures, an early stage technology fund and existing shareholder.
Nualight’s LED light fixtures are used for illuminating display cases in international food and high-end retail chains. Supermarket customers include Tesco, Switzerland’s Migros and Co-op chains and Rewe in Germany.
Simon Drury, a CPE partner, says: “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. With the company’s strong market position amongst display case manufacturers and retailers, and its high-quality management team, we are confident that the company will continue their growth as this market accelerates.”
Drury will take a seat on Nualight’s board of directors.
Nualight’s chief executive Liam Kelly says: “We are delighted to welcome CPE to Nualight and look forward very much to accelerating the development of the business from a significantly strengthened capital base. Nualight’s board and its investors now encompass interests and perspectives from international retail, global cleantech, and energy utility sectors, giving us a unique strategic perspective, and the capacity to target rapid growth and successful execution of our business plans.”
