Braemar Energy Ventures-led round will accelerate lighting control company's commercial growth
August 25, 2010
Newark, California, USA
Lumenergi Inc., the leading provider of energy efficient networked lighting systems, today announced the close of a $12.7 million series B round of financing. The round, led by Braemar Energy Ventures, includes new investor Townsend VC LLC and continuing investors Low Carbon Accelerator Ltd. and Noventi Ventures. In addition, Dennis Costello of Braemar Energy Ventures has joined the Lumenergi board of directors. The financing will facilitate the company's expansion into large-scale commercial and industrial buildings in energy intensive regions and enable the build-out of a strong team of sales, marketing and customer service experts.
Lighting comprises approximately 34 to 40 percent of annual electricity consumption in commercial buildings, making it a key target for energy efficiency measures. Lumenergi's lighting management system enables building owners and managers to centrally control their lighting down to the individual light fixture with real-time feedback. This intelligent solution provides the right amount of light precisely when and where it is needed, improving occupant comfort and control. The system, along with Lumenergi's smooth dimming ballasts, reduces energy costs by up to 70 percent.
"Early on Braemar recognized the significant role lighting plays in the overall energy consumption of buildings. Lumenergi is Braemar's fifth investment in lighting, bringing advanced control technology into our lighting portfolio," said Dennis Costello, managing partner at Braemar Energy Ventures. "With the market for lighting controls and ballasts approaching the billion dollar mark, we see great potential for Lumenergi."
This financing comes in the midst of Lumenergi's rapid customer growth phase. Lumenergi's ability to monitor, report and optimize building-wide lighting energy usage in real time has made it the de facto provider for large energy efficient lighting retrofits. The company's early focus has been the federal government, and it recently landed several large retrofit contracts for government buildings in California, New Hampshire, Nevada and Texas.
"We couldn't be more pleased to add Braemar Energy Ventures and Townsend VC to our team. With deep expertise in lighting, energy efficiency, grid efficiency and real estate development, their strategic guidance will be invaluable as we rapidly expand our base of commercial and government buildings. Their financial commitment underscores the relevance of controllable lighting in achieving a more energy efficient built environment," said Michael D'Amour, CEO of Lumenergi.
Lumenergi, Inc. designs simple, efficient, networked lighting systems for commercial buildings. By reducing lighting energy costs 50 to 70 percent, Lumenergi delivers an ROI of one to three years. The company's integrated solution uses smooth dimming and real-time reporting to provide daylight harvesting, scheduling, task tuning, occupancy sensing, and the most comprehensive demand response and automatic load shedding available. The result is reduced energy use, improved occupant comfort and maximum system-level optimization. Lumenergi is a privately held venture-funded company based in Newark, California. For more information, visit www.lumenergi.com
Braemar Energy Ventures is a venture capital fund making early- to mid-stage investments in the energy technology sector. The firm's principals have invested in more than 50 companies in the sector and have significant technical, operational and financial experience in energy and energy-related industries. Through offices in New York and Boston, the firm targets a wide range of energy technologies that impact stationary power, transportation and portable energy applications. Additional information is available at www.braemarenergy.com
Townsend VC, LLC is the sustainable energy-focused division of Townsend Ventures, LLC, a private equity investment management firm located in Baltimore, Maryland. Townsend invests primarily in leading edge clean technologies such as energy management and energy storage systems including lighting controls, advanced lead acid and lithium ion batteries and related businesses. For more information, visit http://www.townsendcapital.com/
Low Carbon Accelerator Limited is a closed ended investment company created to invest in a portfolio of fast-growing low carbon businesses. The Company invests principally in companies which provide low carbon products and services. For more information, visit www.lowcarbon.gg
Noventi Ventures is a Silicon Valley venture capital firm investing in early-stage clean technology companies. The firm invests primarily in the areas of alternative energy generation and energy efficient products and services. For more information, visit www.noventivc.com
Antenna Group, Inc., for Lumenergi
Noventi® is a registered trademark of Noventi LLC.