LED Roadway Lighting, a global leader in LED street and area lighting, has secured a $4-million private-sector investment from Montreal-based venture capital firm Cycle Capital.
The province, through Nova Scotia Business Inc. (NSBI), helped LED Roadway Lighting attract Cycle Capital's investment, with a $4-million follow-on equity investment.
Chuck Cartmill, CEO of LED Roadway Lighting, will also invest an additional $3.6 million in his company.
"The province is committed to supporting companies like LED Roadway Lighting. In order to grow and strengthen the economy at home, we need to be thinking and acting globally," said MLA Brian Skabar, during a tour of the Amherst facility, on behalf of Minister of Economic and Rural Development and Tourism Percy Paris. "That's what LED Roadway Lighting is doing and will continue to do. And that is a key focus of jobsHere, the plan to create good jobs and grow the economy."
LED Roadway Lighting has seen tremendous growth in international markets over the past two years and exports to more than 20 countries. With today's total investment of $11.6 million, the company expects that export number to grow over the next year.
"We consider ourselves very fortunate to be building our company in Nova Scotia. We have superior access to international markets and a highly skilled workforce," said Chuck Cartmill.
Much of LED Roadway Lighting's success can be attributed to its innovative technology. The company has developed a product that offers the lowest life-cycle cost of any street lighting fixture in the market and the only true 20-year design life including fixture, optics and electronics.
"LED Roadway Lighting has become a global leader by staying a step ahead of its competitors and the industry. That's not easy to do, and it often requires support. That's where we come in," said Stephen Lund, president and CEO of NSBI. "LED Roadway's success and its aggressive plans for the future make this a solid investment for Nova Scotia. And it's exciting to have the support of a great firm like Cycle Capital."