Cycle Capital Management Inc. today (June 21, 2011) announced a $4-million financial contribution of Cycle Capital Fund LP in LED Roadway Lighting Ltd. (LRL), a Nova Scotia designer and manufacturer of LED-based street and area lighting. This investment is part of a total round of $8 million and is made in collaboration with Nova Scotia Business Inc. (NSBI), the province's private-sector-led business development agency.
"At Cycle Capital, we're committed to finding outstanding entrepreneurs who develop and commercialize clean technologies," said Andrée-Lise Méthot, founder and senior partner, Cycle Capital Management Inc. "Today's announcement clearly demonstrates our interest in working together with entrepreneurs to develop technology solutions that meet market demand from a sustainable development perspective."
With this investment, LRL becomes the 11th company to receive funds from Cycle Capital. Cycle Capital has already invested nearly $47 million, more than $35 million of which has been done in Québec only. Cycle Capital counts among its limited partners, Innovacorp, a strategic investor in Nova Scotia.
About LED Roadway Lighting Ltd. (WWW.LEDROADWAYLIGHTING.COM)
LED Roadway Lighting Ltd (LRL) is the leading designer and manufacturer of LED (light-emitting diode) based street, roadway and area lighting fixtures and control systems. LRL is located in Nova Scotia, Canada, with research and design facilities in Halifax and a 55,000 square foot (5,100 square metre) manufacturing facility in Amherst. LRL offers a complete range of LED-based street lighting fixtures that meet or exceed IES (Illuminating Engineering Society), CIE (Commission Internationale de L'Eclairage) and IDA (International Dark Sky Association) requirements. LRL's products are RoHS compliant (free of lead and mercury), provide energy savings of 50-80 per cent compared to conventional HID light sources while also providing significantly reduced maintenance costs.
About Cycle Capital Management (WWW.CYCLECAPITAL.COM)
Cycle Capital is a pioneer among Canadian venture capital funds focused on the cleantech sector. The fund invests in companies developing and commercializing clean technologies and projects in renewable energy generation that are focused on reducing greenhouse gas emissions, optimizing resources use, and decreasing impacts over their entire life cycle.
With nearly $125 million under management, Cycle Capital invests primarily in the northeastern of North America. The fund has assembled a team of investment professionals, advisors and strategic partners, internationally respected for their combined experience in building, nurturing and growing world class companies. Cycle Capital benefits from a privileged relationship with its strategic partners, including Brookfield Renewable Power, Rio Tinto Alcan, Cascades, The Master Group L.P, Lonza, Gaz Métro and Systemex Energies.
Montreal, Quebec, June 21, 2011