Nualight set to create 60 jobs
08 June, 2009
CORK manufacturer Nualight is to create 60 jobs having secured €5 million funding from the ESB for expansion plans.
Nualight will expand in the US and Europe using the investment secured as part of the ESB investment fund Novus Modus, which was announced as part of the company’s green investment strategy. The ESB will take a minority stake in Nualight as a result.
ESB has so far invested €2.5m in Nualight with the second to follow in 18 months.
Nualight describes itself as the world leader in supplying LED lighting for refrigerated retail displays.
The company has installed its products into 50 food retailers & and has a number of pilot sites already established in the US.
Chief executive of Nualight Liam Kelly said the investment is an important milestone.
"Nualight is particularly satisfied to raise money during this tough economic climate. The deal with ESB is a great endorsement of our products and strategy. Nualight now has the opportunity to accelerate its export plans and grow significant market share.
"We are the only LED lighting company in the world that focuses exclusively on food retail," he said.
In October last year, Nualight was selected by Tesco in a €1m deal to install its products into Tesco Ireland’s stores. It said it beat global giants GE and Philips to win the Tesco business.
ESB finance director Bernard Byrne said: "This investment makes sense not only from a commercial perspective but from an employment and energy efficiency viewpoint.
"ESB Novus Modus looks forward to building a successful investment partnership with Nualight. This investment proves that going green is good for jobs and good for Irish companies."
ESB Novus Modus is a €200m eco investment fund established by ESB to provide capital to companies, projects and management teams in the energy sectors.