Tim Cantle-Jones,CEO of Low Carbon Lighting,(left)with Dr Richard Exley,investment manager at Northstar Ventures
Low Carbon Lighting(LCL),a Newcastle-based lighting manufacturer,has landed a 520,000 venture capital investment that will see the company increase production of its lighting products.
The investment package is from two funds managed by venture capital firm Northstar Ventures.
LCL now anticipates sales of its two products,Luxon Street and Luxon industry,to reach in excess of 2million over the next 12 months.
The Luxon Street product aims to replace traditional street lighting and can also be used for car park and sports lighting.The Luxon Industry product is targeted at clients with commercial premises such as warehouses,car showrooms and manufacturing facilities.
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."
Northstar Ventures'investment is from the Finance for Business North East Proof of Concept Fund and the Finance for Business North East Accelerator Fund.
The Proof of Concept Fund supports the early stages of business creation in the technology sector,while the Accelerator Fund invests in high-growth,early stage businesses in any eligible sector.
Dr Richard Exley,investment manager at Northstar Ventures,said:"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."
In addition to the Northstar Ventures'investment,LCL has also been supported by the Newcastle Science City project.
"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,"said Mr Cantle-Jones.
"This is a success story for our region particularly as so many low carbon lighting products are made in China and the Far East."
