By Niamh Hennessy
Friday, September 09, 2011
A LIGHTING firm has secured an €800,000 investment for international expansion.
The Bank of Ireland Seed and Early Stage Equity fund, which is managed by Cork-based Kernel Capital, has led the investment in LED lighting company, Ikon Semiconductor.
The syndicated investment comprises a €400,000 investment by the fund, with the remainder provided by Simple.ie Green BES fund, Enterprise Ireland and private investors.
Ikon chief executive Conor McAuliffe said the LED lighting market is a high-growth area and this funding will allow the company to make "significant progress" over the coming 12 months.
"We are delighted to have high-calibre investor Kernel Capital onboard at this stage in the company’s development. Kernel Capital has a strong track record of investment in successful Irish semi-conductor companies and this investment is a significant endorsement of Ikon Semiconductor’s unique technology," he said.
Head of Enterprise Ireland relations with Bank of Ireland Donal Duffy said Ikon is a "true example" of how an investment of this type can support an Irish firm to strategically grow in the LED lighting market, which, he said, is critical for the company.
LED lighting is the fastest growing source of green energy lighting. Ikon will use the funds to support the development of its single-chip power converter, which resides within the bulb and powers the LED light.
As many governments have passed measures to phase out incandescent light bulbs for general lighting, Ikon is focused on the residential and commercial LED bulb replacement market, which is set to grow from 80 million units in 2011 to 430m by 2013.
Kernel Capital operations director Orla Rimmington said: "Kernel Capital is very pleased to lead this investment in Ikon Semiconductor, which will enable the company to tackle the growing global market in LED lighting.
"The Ikon solution is simpler, smaller and less costly than the competition, and so enables its customers to tackle previously unreachable markets, while simultaneously helping our environment by reducing the power consumed through replacing old-style lighting."
This appeared in the printed version of the Irish Examiner Friday, September 09, 2011