IKEA GreenTech invests in Design LED
Design LED Products has developed a technology for a whole new generation of lighting products using energy efficient “light tiles” – LEDs embedded into clear resins and films.
The tiles are unique as they are extremely thin, flexible, and low cost and can be seamlessly joined together in exciting new designs.
The global lighting market is growing rapidly on the back of international government and environmental legislation and increasing consumer demand for low energy, highly differentiated and low cost lighting solutions
IKEA GreenTech (www.ikea.greentechab.com), is an IKEA Group venture capital company. The investment will support the delivery of the IKEA Group Sustainability Strategy, People & Planet Positive, which includes goals to enable customers to save energy and live more sustainably at home.
“This technology opens up fantastic possibilities for innovative designs using energy efficient LEDs. The partnership is a clear strategic fit for IKEA and our goal to make living sustainably affordable and attractive for millions of people,” says managing director Christian Ehrenborg.
LED lights use 85% less energy than incandescent bulbs and last 20 times longer. IKEA will switch its entire lighting range to the technology by September 2015.
The investment will enable Design LED to expand its business and to increase its offer of products that can be used in lighting designs for the home.
Stuart Bain, Design LED’s CEO,commented “This strategic investment allows Design LED to significantly accelerate plans to deliver highly differentiated products to an international market desperate to conserve energy, and hungry for exciting new form factors in LED lighting.”
Existing shareholders invested alongside IKEA GreenTech, including SIB’s Scottish Venture Fund, and the angel groups which have supported the business through its early stages –
Strathtay Ventures, TRIcap, and Highland Venture Capital.