LONDON A group of investors is to provide $9 million to Metrolight Inc, a developer of smart electronic ballasts for high intensity discharge (HID) lighting.
The investment was led by Virgin Fuels and Gemini Israel Funds with participation from Israel Cleantech Ventures and Altshuler Shaham. The additional funds will help accelerate the company’s expansion as it meets the increasing global demand for energy efficient lighting.
Virgin Fuels (London) was set up in 2006 to invest up to $400 million over three years in companies in the renewable energy and resource efficiency sectors.
“Inefficient lighting is one of the largest sources of energy waste,” said Sir Richard Branson. “Through Virgin Fuels, we invest in companies such as Metrolight that help reduce greenhouse gas emissions and substantially improve energy efficiency around the world.”
Metrolight (Nashville, TN), was founded in 1996, and its products are said to help customers reduce up to 65 percent of lighting energy costs, double lamp life, reduce maintenance costs and take control of lighting systems through integrated software management systems.
Lighting applications currently consume approximately 5 – 6 percent of the world’s electricity. “Metrolight smart electronic ballasts for HIDTM has the potential to save up to three percent of the world’s electricity consumption as demand for smart solutions grows,” said Igal Zamir, CEO of Metrolight.
Shai Weiss, managing partner of Virgin Fuels said, “The lighting industry has been slow to change since the incandescent light bulb more than a century ago. Multiple approaches are required to combat global warming and there is no silver bullet. We believe Metrolight’s lighting solutions can help companies with a solution today that reduce energy consumption in a very big way.” Shai Weiss from Virgin Fuels, Adi Pundak-Mintz from Gemini Israel Funds and Glen Schwaber from Israel Cleantech Ventures will join the Metrolight Board.