IKEA GreenTech invests in energy-efficient LED technology developer
The tiles are thin, flexible and low cost and can be seamlessly joined together to offer design flexibility.
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,” explained Christian Ehrenborg, Managing Director, IKEA GreenTech AB
LED lights use 85% less energy than incandescent bulbs and last 20 times longer and IKEA is planning to switch the company’s entire lighting range to the technology by September 2015.
The investment will enable Design LED to expand its business and to increase the company’s product offer in lighting designs for the home.
“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,” said Stuart Bain, CEO, Design LED Products Ltd
Existing Design LED Products shareholders also invested alongside IKEA GreenTech, including Scottish Enterprise, via its investment arm the Scottish Investment Bank. A number of Scottish ‘business angel’ investment groups also participated in this investment round, including Strathtay Ventures, Tricap Ventures, and Highland Ventures.
Design LED Products is headquartered in Livingston near Edinburgh, Scotland.
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