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Printed Electronics World
Posted on June 1, 2012 by  & 

LED manufacturer Lighting Science Group closes $140m funding placement

Now that LEDs are starting to be printed by companies such as Nth Degree, there is interest in the printed electronics community in the ease with which LED companies are raising money.
LEDs took 20 years to take 3% of the lighting market but we are now on a steeper part of the exponential, not least because so-called environmental compact fluorescent bulbs have mercury to send you mad, glass to cut you and the rare metal terbium.
Lighting Science Group has completed the final round in a series of private placements totaling approximately $140 million in equity funding and commitments, of which approximately $88 million is new equity funding and commitments and approximately $52 million represents the conversion of certain bridge financings occurring since the fourth quarter of 2011.
The proceeds from the funding and commitments will be used to finance the Company's growth, expand its manufacturing capabilities for energy-efficient LED lighting products for consumer and commercial applications in both the public and private sectors.
This new round of funding will help the Company meet the growing demand for products including commercial networks (such as real estate owner/operators, retailers, and hospitality), public sector networks (such as the military and municipalities), and consumer networks (such as large-volume home improvement centers). Additionally, approximately $10 million will be used to retire a related-party obligation.
The funding was led by Riverwood Capital, a globally-focused private equity firm that invests in high-growth businesses in the technology and services industries. Pegasus Capital Advisors, L.P. and its affiliates, Lighting Science Group's majority owner, also participated in the equity financing in an amount equal to approximately $55 million, pursuant to an investment of approximately $33 million and an equity commitment of up to approximately $22 million.
Alongside the capital injection, two executives who have previously worked with Riverwood Capital and some of its portfolio companies will be joining Lighting Science Group as senior managers. The first is Brad Knight, who will assume the position of chief operating officer and Keith Scott, who will take the post of chief commercial officer.
Source: Lighting Science Group
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