Today, Jan. 18, at LED Roadway Lighting in Amherst, the province announced its support for good jobs and growth with an equity investment that will also give Nova Scotians preferred shares in this global success story.
"The province is committed to helping companies like LED Roadway Lighting Ltd., which provide employment opportunities for Nova Scotians in Amherst and Halifax," said Cumberland North MLA Brian Skabar, on behalf of Percy Paris, Minister of Economic and Rural Development and Tourism. "This company is highlighting one of our jobsHere main goals to grow our economy by being competitive globally."
LED Roadway has more than 150 employees in its manufacturing facility in Amherst, and 50 employees at its research and design centre and head office in Halifax.
The province is providing a $1-million equity investment, which is part of a $5-million round of investment, for working capital to help the company meet demand, expand operations and create new jobs.
"The province has been extremely valuable and supportive, with Nova Scotia Business Inc. providing services and programs that have helped our company expand our business, both at home and abroad since 2009," said Charles Cartmill, president and CEO of LED Roadway Lighting. "We expanded our installation base to include more than 30 countries and our growth rate is very high."
"Significant sales opportunities are developing in several areas of Central and South America, the Caribbean, Australia and other markets. Securing these projects will bring benefits to Nova Scotia in terms of employment and related economic activity. We have a world-class technology that delivers true value to clients. Our continued relationship with the province is sure to help LRL bring that technology to the world."
The Town of Amherst was the first to convert its street lights to energy efficient LEDs bringing energy and cost savings.
"LED is a good employer and a long-term employer in Amherst. We take pride in knowing that LED Roadway Lighting products are making a difference not only in our community, but around the world," said Mayor Rob Small.
"LED Roadway Lighting Ltd. is proof that Nova Scotia can compete and win on a global scale by supporting, leveraging and fostering innovation," said Stephen Lund, president and CEO of NSBI. "We recognized the company's growth potential back in 2009 when we first invested in LED Roadway, an asset to our venture capital portfolio, and today we're supporting their growth momentum."
LED Roadway Lighting Ltd. (LRL) is a leading designer and manufacturer of LED (light-emitting diode) based street and area lighting fixtures and control systems. LRL is headquartered in Halifax, with additional manufacturing capabilities in the United States and the United Kingdom. LRL's products are RoHS compliant (free of lead and mercury), provide energy savings of up to 80 per cent, and substantially reduced maintenance costs. LRL has more than 300 municipal, utility and commercial clients in more than 30 countries. For more information, visit www.ledroadwaylighting.com
Nova Scotia Business Inc. is the province's private-sector-led business development agency. Through trade development, investment attraction, business financing and venture capital, NSBI assists local companies and attracts international companies to Nova Scotia.