€9m assures bright future for Cork firm

CORK lighting firm Nualight has raised more than €9 million from investors which will be used towards the growth of the company.

The main investor was Climate Change Capital Private Equity, a €200m fund which invests in green technology companies.

Nualight’s LED light fixtures are used for illuminating display cases in international food and high-end retail chains.

CPE subscribed for €3.75m of ordinary and preference shares in a €4.1m round alongside existing shareholders and committed a further €5m jointly with existing investor ESB Novus Modus, the renewable energy investment fund of ESB. Other investors include fourth level ventures and an early stage technology fund.

CPE partner, Simon Drury said: “Our due diligence showed Nualight is a clear leader in developing the most effective lighting solutions for retailers, both in terms of energy efficiency and merchandising effects.”

Mr Drury will take a seat on Nualight’s board of directors.

Climate Change Capital is a fund management and advisory group with more than 120 employees.

Nualight’s chief executive Liam Kelly said: “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.”