Braemar Energy Ventures Invests in Lighting Component Supplier Fulham
May 18, 2009
For Immediate Release
Energy Technology Venture Capital Firm closes its fourth investment in energy efficient lighting
BOSTON, Massachusetts and HAWTHORN, California (May 18, 2009) — Braemar Energy Ventures (Braemar), a venture capital fund making early- to mid-stage investments in the energy technology sector, announced today its $10 million investment in Fulham, a leading assembler and distributor of electronic ballasts for fluorescent, high intensity lights (HID), and light emitting diode (LED) lights.
The transaction allows Fulham to better align the interests of its shareholders with the long-term growth of the Company. The proceeds also provide Fulham with a stronger financial base and more resources to support its worldwide sales growth. Mr. Brian Wald remains Fulham's chief executive officer and he will be joined on the Board by representatives from Braemar Energy Ventures.
“With the rapid changes occurring in the world's lighting markets, including more countries moving to ban incandescent lighting, Braemar's investment will allow us to better serve the changing needs of our customers. Our low cost, highly reliable electronic ballasts are poised to power the fluorescent lighting that will fill the technology gap,” said Brian Wald, chief executive officer of Fulham. “Fulham's supply of LED drive integrators, the equivalent of ballasts for LEDs, means that we are also well-suited for the eventual migration to LED. In a resource constrained world, Fulham is excited to find an investor that shares our recognition of the need for energy efficient lighting.”
According to research by the Darnell Group, the worldwide ballast market is $6.5 billion and is expected to grow to $11.0 billion in the next five years. Industry trends favor electronic ballasts in fluorescent, later migrating to LED and other forms of solid state lighting.
“In the past two years, Braemar has added four companies to its energy efficient lighting portfolio — a key area for our firm,” said Dennis Costello, Managing Director of Braemar Energy Ventures' Boston office. “The changes in the lighting markets are profound. Indoor and outdoor lighting remains one of the largest single users of electricity, and therefore energy, worldwide. It will take both innovative technologies and strong channels of distribution to increase lighting efficiency around the world. Fulham is one of the most widely respected names in the lighting components business. They have the added advantage of understanding the new lighting technologies and helping its customers take those technologies to market.”
Fulham joins Braemar's energy efficient lighting portfolio comprised of Laser Light Engines, Nuventix, and Luminus Devices Fulham manufactures and sells ballasts for indoor and outdoor use and re-sells lamps from other suppliers. The company also offers a new line of induction lighting components and subsystems which provides an alternative form of fluorescent that is more energy efficient, longer lived and attractively priced. Fulham sells both to lighting distributors and to OEM customers that use Fulham ballasts and other components in their lighting fixtures. Fulham components and ballasts are used in signage and display case lighting, entertainment and movie lighting, the medical industry, and industrial refrigeration, among others.
Fulham Company Group is a leading global provider of intelligent, sustainable commercial lighting components and electronics for use in commercial general lighting, parking structure, signage, horticultural, UV and other applications. The company develops and manufactures a variety of award-winning LED and emergency products, as well as legacy products across multiple lighting platforms. Fulham sells its lighting solutions worldwide through original equipment manufacturers (OEMs) and electrical equipment distribution channels. Headquartered in Hawthorne, Calif., the company has sales and/or manufacturing facilities in the U.K., China, India and the UAE. For more information, visit www.fulham.com.
For more information
- Andy Firchau
- Marketing Manager
- (323) 779-2980, ext. 1252
About Braemar Energy Ventures
Founded in 2003, Braemar Energy Ventures is a leading venture capital firm focused on transformative energy-tech and related companies contributing to global sustainability and combating climate change. Using sector expertise and experience, Braemar aims to be an engaged partner with its portfolio companies to best help them navigate the path to significant global impact. For more information, visit braemarenergy.com or follow @BraemarEnergy on Twitter.