LCA Low Carbon Acc.

TIDMLCA

RNS Number : 1792Z

Low Carbon Accelerator Limited

13 March 2012

13 March 2012

Investment Update: Lumenergi Inc.

Low Carbon Accelerator Limited ("LCA" or "the Company") announces that it has invested a further $1 million (approx. GBP635,000) in Lumenergi, Inc. ("Lumenergi") in the form of equity as part of a larger funding round of $5.2 million, alongside other existing investors. At the same time, $800,000 of the outstanding convertible loan, of which LCA invested $200,000, has also converted into equity at the close of this funding round. The funding will provide Lumenergi with additional working capital in order to deliver the forecast sales growth from its intelligent lighting solutions and take it through to profitability.

LCA has now invested a total of $7.17 million representing a c.19% equity shareholding in Lumenergi on a fully diluted basis. LCA's carrying value of this total equity investment is $5.68 million (c.GBP3.61 million).

In conjunction with the close of this funding round, four new executives have been hired to add strength and depth to Lumenergi's senior management team and to help drive its growth. These strategic hires bring extensive lighting and controls industry experience and relationships to Lumenergi at this critical stage of its expansion.

Barry Weinbaum, who has assumed the role of President and CEO, William J. Astary, who has joined as Senior Vice President of Sales, and Susie Minton, who is the new Vice President of Marketing, all joined Lumenergi from Acuity Brands, Inc. (NYSE: AYI), a leading supplier of high quality lighting solutions. In addition, Andrew Savadelis has assumed the role of Chief Financial Officer with all four new hires joining the existing senior management team of co-founder, CTO and Chairman C.R. "Steve" Stevens, Senior VP Engineering & Production, Albert Lam and co-founder Bill Alling.

Lumenergi is a US based company that has developed intelligent lighting technology that reduces lighting energy costs by 50 to 70 percent, while typically delivering ROI in one to three years. This unique technology incorporates advanced networked control system with smooth dimming to lead buildings into the Smart Grid world.

Lumenergi has received the Building Operating Management 2012 Top Products award for its lighting management solutions.

About Lumenergi Inc.: www.lumenergi.com

About Low Carbon Accelerator: www.lowcarbon.gg

Low Carbon Accelerator Limited is a closed ended investment company created to invest in a portfolio of fast-growing low carbon businesses. The Company listed on the AIM Market of the London Stock Exchange on 11 October 2006, raising GBP44.5 million. On 26 June 2009, the Company announced that it had raised a further GBP10 million, net of expenses, following the successful placing of a further 41.6 million shares.

The Company's investment objective is to provide shareholders with an attractive return on their investment primarily through significant minority (predominately 25% and above) holdings in a diverse portfolio of unquoted private companies providing low carbon products and services.

The Company invests principally in companies which provide low carbon products and services across the following sectors:

-- Energy efficiency (reductions in energy inputs at source, improved conversion and reductions at point of use)

-- Energy generation (sustainable and clean energy, micro and distributed generation)

The Company's investment strategy is to target trading businesses with patentable technologies and products with a clear commercial application and the opportunity to gain a large market share of a new or expanding market. The Company focuses on businesses with experienced management teams who have developed commercially viable products providing easily adoptable solutions which deliver immediate reductions in carbon dioxide emissions.

Subject to the consent of Shareholders at the Company's Annual Meeting which will take place on 11 April 2012, the Company's investment strategy will be to manage the portfolio with a view to achieving planned realisations over time so as to deliver liquidity to shareholders.

Enquiries:

 
Low Carbon Investors Limited      Steve Mahon, CIO           Tel: +44 (0)20 7631 2630 
                                   Andrew Affleck, Chairman 
 
Grant Thornton Corporate Finance  Colin Aaronson             Tel: +44 (0) 20 7383 5100 
                                   Melanie Frean 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCSFAFLEFESEID

Low Carbon Acc. (LSE:LCA)
Historical Stock Chart
Von Nov 2024 bis Dez 2024

Low Carbon Acc. (LSE:LCA)
Historical Stock Chart
Von Dez 2023 bis Dez 2024