08/20/2007
Energy efficient lighting solutions provider Metrolight secured $9 million
Energy efficient lighting solutions provider Metrolight has secured an investment of $9 million led by Virgin Fuels and Gemini Israel Funds with participation from Israel Cleantech Ventures and Altshuler Shaham. The Israeli company, that provides electronic ballasts for HID lighting, will use the funds to accelerate its expansion and to meets the increasing global demand for energy efficient lighting.
"Inefficient lighting is one of the largest sources of energy waste," said Sir Richard Branson, the founder of Virgin Fuels investment firm. "Through Virgin Fuels, we invest in companies such as Metrolight that help reduce greenhouse gas emissions and substantially improve energy efficiency around the world."
Based on a patented and field proven lighting technology, Metrolight's products help customers reduce up to 65% of lighting energy costs, double lamp life, drastically reduce maintenance costs and take full control of their lighting systems through integrated software management systems. The company cooperates with most of the world's largest and leading luminaire manufacturers and has installed hundreds of thousands of ballasts since launching the product in 2002.
Metrolight was founded 1996 by Yigal Yanai and led by Igal Zamir, CEO and President, and Yoav Leeran of Sampal Capital and Chairman of the Board, Metrolight. Shai Weiss from Virgin Fuels, Adi Pundak-Mintz from Gemini and Glen Schwaber from Israel Cleantech Ventures will join the Metrolight Board.
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