BOULDER, Colorado (February 25, 2009) – TerraLUX closed an investment with Access Venture Partners which will accelerate its growth in the portable and general lighting markets. Details of the deal are not available but will provide TerraLUX with substantial financial capacity to add senior management plus development, manufacturing and engineering talent. In addition, TerraLUX will be able to expand its inventory to meet the increasing demand for its patented TerraLUX LED Light Engines®.
According to TerraLUX president, Dr. Anthony Catalano, “Market acceptance of our proprietary LED Light Engines in 2008 enabled TerrraLUX to expand its OEM business with major customers in the tool, medical and general lighting markets. This investment by Access Venture Partners will build upon last year’s successes and enable us to gain momentum in the current high growth LED lighting markets.”
TerraLUX was founded five years ago to focus strictly on the application of Solid State Lighting devices for the lighting markets. It had initial successes with LED replacements for portable and low voltage applications including four patent awards and nationwide channels for its LED upgrade kits, work lights and flashlights. Over a year ago TerraLUX began building upon this expertise to enter the general lighting market with AC lighting products that were also successful in specialty lighting and in architectural lighting arenas. TerraLUX is an official marketing partner with top LED manufacturers including Philips Lumileds via the Future Lighting Solutions Network and with Cree as a Cree LED Solution Provider.
“The tremendous demand for LED lighting in the USA is not being met today in quality, performance or efficiency by current providers. TerraLUX is entering 2009 with a plan to capitalize upon this situation by providing a new breed of OEM LED light engines for the general lighting industry. These core modules are built upon our proven expertise in thermal, electrical, optical and mechanical design coupled with high quality off-shore manufacturing. TerraLUX is committed to establishing the confidence that solid state lighting deserves and delivering a Return-On-Investment that will grow the new LED markets,” said Carl Kalin, Vice-President of Sales and Marketing. He also noted, “TerraLUX InSide has become a standard in quality and performance for LED Light Engines in the portable markets; our next target is the general lighting industry.”
About Access Venture Partners
Access Venture Partners is a seed and early stage venture capital fund with offices in Denver and Austin. The Fund invests in businesses in the Clean Technology, SaaS, SaaS Infrastructure, Data Integrity and New Media sectors that have exceptional management teams with the passion to build world class organizations that can redefine markets – and maybe even change the world.