IKEA GreenTech, an IKEA Group venture capital company, has invested in Design LED Products, a Scottish company that develops LED “light tiles” – LEDs embedded into clear resins and films. The tiles are thin, flexible and low cost, and can be seamlessly joined together to create new designs.
"This technology opens up fantastic possibilities for innovative designs using energy efficient LEDs. The partnership is a clear strategic fit for IKEA and our goal to make living sustainably affordable and attractive for millions of people,” commented Christian Ehrenborg, managing director, IKEA GreenTech.
IKEA plans to switch its entire lighting range to LED technology by September 2015.
The investment will enable Design LED to expand its business and to increase its offer of products that can be used in lighting designs for the home.
"This strategic investment allows Design LED to significantly accelerate plans to deliver highly differentiated products to an international market desperate to conserve energy and hungry for exciting new form factors in LED lighting,” said Stuart Bain, CEO of Design LED.
Existing Design LED Products shareholders also invested alongside IKEA GreenTech, including Scottish Enterprise, via its investment arm the Scottish Investment Bank. A number of Scottish “business angel” investment groups also participated in this investment round, including Strathtay Ventures, Tricap Ventures and Highland Ventures.
IKEA said the investment will support the delivery of its Group Sustainability Strategy, People & Planet Positive, which includes goals to enable customers to save energy and live more sustainably at home.
