Aug 26 2010
Lumenergi Inc., the leading provider of energy efficient networked lighting systems, today announced the close of a $12.7 million series B round of financing.
The round, led by Braemar Energy Ventures, includes new investor Townsend VC LLC and continuing investors Low Carbon Accelerator Ltd. and Noventi Ventures. In addition, Dennis Costello of Braemar Energy Ventures has joined the Lumenergi board of directors. The financing will facilitate the company’s expansion into large-scale commercial and industrial buildings in energy intensive regions and enable the build-out of a strong team of sales, marketing and customer service experts.
Lighting comprises approximately 34 to 40 percent of annual electricity consumption in commercial buildings, making it a key target for energy efficiency measures. Lumenergi’s lighting management system enables building owners and managers to centrally control their lighting down to the individual light fixture with real-time feedback. This intelligent solution provides the right amount of light precisely when and where it is needed, improving occupant comfort and control. The system, along with Lumenergi’s smooth dimming ballasts, reduces energy costs by up to 70 percent.
“Early on Braemar recognized the significant role lighting plays in the overall energy consumption of buildings. Lumenergi is Braemar’s fifth investment in lighting, bringing advanced control technology into our lighting portfolio,” said Dennis Costello, managing partner at Braemar Energy Ventures. “With the market for lighting controls and ballasts approaching the billion dollar mark, we see great potential for Lumenergi.”
This financing comes in the midst of Lumenergi’s rapid customer growth phase. Lumenergi’s ability to monitor, report and optimize building-wide lighting energy usage in real time has made it the de facto provider for large energy efficient lighting retrofits. The company’s early focus has been the federal government, and it recently landed several large retrofit contracts for government buildings in California, New Hampshire, Nevada and Texas.
“We couldn’t be more pleased to add Braemar Energy Ventures and Townsend VC to our team. With deep expertise in lighting, energy efficiency, grid efficiency and real estate development, their strategic guidance will be invaluable as we rapidly expand our base of commercial and government buildings. Their financial commitment underscores the relevance of controllable lighting in achieving a more energy efficient built environment,” said Michael D’Amour, CEO of Lumenergi.
Source: http://www.lumenergi.com/