CORK, IRELAND October 18th 2005 – Nualight Ltd, a developer of novel LED (Light Emitting Diode) technology solutions, announced today that it has concluded an investment round with venture capital investors 4th Level Ventures and Enterprise Ireland.
NuaLight has identified a number of niche applications, which are being targeted with its patented technologies. One such is the illumination used in the temperature-controlled, retail display case market. Currently this market uses $800 million worth of fluorescent illumination components per annum. These will be replaced by LEDs, driven by considerations of efficiency, brightness, safety, aesthetics, reliability, lifetime, and cost. Nualight products are designed to equal the fridge/freezer case lifetime and to maximize light output while minimizing energy consumption, leading to significant operational cost savings for retailers. “This investment will enable us to grow our sales and marketing team and expand into the US market.” said Liam Kelly, CEO of Nualight.
Traditional light sources which provide the world’s artificial illumination are being overtaken by long life, energy efficient LEDs. LEDs have already replaced ordinary bulbs in many of the world’s traffic lights, and automobiles. Driven by the need to reduce power consumption, LED technology is expected to penetrate more general illumination requirements, in homes, offices, shops and streets. The global LED business, valued currently at circa $2.5 billion, is expected to grow to $50 billion by 2020.
Ray Naughton, Co-founder of 4th Level Ventures is enthusiastic about its new investment adding “We are excited about working so closely with Nualight during this period of its growth. The rapid adoption of LED technology has created a significant opportunity for Nualight in the retail display market. Based on the positive customer feedback to date, we expect Nualight to gain a significant share of this growing market.”