Is cleantech investing dead? Not according to Braemar Energy Ventures. The Boston venture capital firm announced Monday that it has invested $10 million in Fulham Inc., an assembler and distributor of electronic ballasts for fluorescent, high-intensity lights and light emitting diode lights.
The deal is expected to give the Hawthorne, Calif.-based Fulham a stronger financial base and more resources to support its sales growth worldwide. Brian Wald is staying on as CEO, and Braemar representatives will join Fulham's board. Wald says with more countries banning incandescent lighting, Fulham's electronic ballasts will fill the technology gap. The Darnell Group expects the $6.5 million worldwide ballast market to grow to $11 billion in five years.
Braemar is becoming something of a lighting specialist, having invested in three other energy-efficient lighting companies in the past two years. Just last month it plowed $8 million into Austin, Texas, lighting coolant developer Nuventix Inc. It's also invested in Laser Light Engines and Luminus Devices. Dennis Costello led the deal from Braemar.
The firm has some history investing in lighting: One of its earliest investments, Electronic Ballast Co., was sold to Philips Lighting, a unit of Dutch electronics giant Koninklijke Philips Electronics NV. Now that's enlightening. - Claire Poole
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