CPE subscribed for EUR3.75m in a EUR4.1m round alongside existing shareholders and committed a further EUR5m jointly with existing investor ESB novusmodus, the renewable energy investment fund of ESB, the Irish State electricity company.
Other investors include 4th Level Ventures, an early stage technology fund and existing shareholder. Simon Drury, a CPE partner, will take a seat on Nualight’s board of directors.
Nualight’s LED light fixtures are used for illuminating display cases in international food and retail chains. Supermarket customers include Tesco, Switzerland’s Migros and Co-op chains and Rewe in Germany. Nualight also supplies under private label contracts to major global companies.
Nualight has built up a position in the market with its Vantium range of products, which it tailors to retailers’ specific needs. Retailers can benefit from thr installation of LED lighting, which can result energy savings of up to 60%, both from lighting and refrigeration energy, according to the company.
Mr Drury said: ”Our due diligence showed that Nualight is a clear leader in developing the most effective lighting solutions for retailers, both in terms of energy efficiency and merchandising effects.
”With the company’s strong market position amongst display case manufacturers and retailers, and its high-quality management team, we are confident that the company will continue their growth as this market accelerates.”
Liam Kelly, CEO of Nualight, said: “We are delighted to welcome CPE to Nualight and look forward very much to accelerating the development of the business from a significantly strengthened capital base.
“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.”
