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US solid-state lighting company LedEngin completes financing round

20 Jul 2010

LED light US solid-state lighting company LedEngin, which specialises in high performance LED lighting components, modules and replacement lamps, has completed its Series D financing in a round led by energy technology fund NGP Energy Technology Partners.

NGP, which has $496m of capital under management, was joined by existing investors WK Technology Fund, Partech International, Horizon Ventures, Eyon Group, an independent investor and also company chairman, Dr Keh-Shew Lu.

LedEngin said that the funding will allow it to expand operations in response to increasing market demand for its products. The financing will be used to increase the LedEngin product portfolio, increase manufacturing capacity and to increase its worldwide sales and marketing network, the company said.

‘The latest round of funding provides LedEngin with the financial resources it needs to accelerate growth and meet customer demands,’ said David Tahmassebi, president and CEO of LedEngin.

‘NGP’s investment will allow LedEngin to accelerate the tremendous market penetration it is already experiencing. LedEngin’s reputation in the marketplace, innovative products, and strong industry acceptance make it an attractive investment for NGP Energy Technology Partners,’ added Brad Barton, principal at NGP.

Headquartered in Washington DC and established in 2005, NGP Energy Technology Partners is a private equity firm investing equity capital for growth and buyout transactions for companies that provide products and services to the oil and gas, power, energy efficiency, and alternative energy sectors.

It is an affiliate of NGP Energy Capital Management, an investment firm with over $9.5bn of cumulative capital under management which serves the natural resources sector.

Copyright © 2010 NewNet

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