Enterprise Ireland
Annual Report and Accounts 2006
Annual Report and Accounts 2006
NuaLight, which develops advanced lighting systems based on its own patents and cutting edge research in microelectronics, is an innovative early stage company with high growth potential.
The award-winning Cork company is poised to make inroads into the worldwide market for retail cabinet display lighting and expects to raise turnover from a standing start in 2004 to €6 million by 2008.
NuaLight has identified a number of niche applications for its unique ‘install and forget' LED lighting technology, and through ongoing research and patenting of key technological breakthroughs is building a portfolio of LED-related intellectual property.
Started in Cork by microelectronics professor and serial entrepreneur Dr Liam Kelly, soon after its inception NuaLight merged with LED illumination company Ozone Technology.
Nualight's founders, Kelly, John Bouchier and Paul O'Shaughnessy, have all been involved with the LED illumination market for 10 years, and in the semiconductor industry since the 1970s.
Dr. Liam Kelly says:
“This experience has allowed us to be first to market with the technology and the fact that we understand it better than anybody will help keep us ahead of the competition.”
NuaLight's LED solutions are proven to increase customer sales by improving the appearance of the products they display and by reducing the costs of utility bills and overall ownership.
Sales are building steadily, and clients already include SuperValu in Ireland, the Migros retail group in Switzerland, and Albertsons and Fortunoff in the US. NuaLight's products have also recently been approved by leading UK retailer Marks and Spencer.
Enterprise Ireland has supported the company, providing equity funding in an investment round alongside the 4th Level Ventures venture capital fund, financial assistance for R&D, and advice and guidance from its earliest stage to the point where NuaLight was formally recognised as high potential start-up.
Well over 90 per cent of NuaLight's products will be exported. Because of this Sales and Marketing Director O'Shaughnessy is taking part in the Enterprise Ireland International Selling Programme, which is designed to help companies win more international sales and sustain export growth into the future.
Says Kelly:
“Staff levels, sales and turnover will rise sharply over the next couple of years as our breakthrough technology and consistent innovation begins to bite in the market. The target is to grow turnover to €15 million over the next three years.”
www.nualight.com (link opens in a new browser window)
