$10 Million and GE Collaboration Light Way for Growth of Nuventix, Maker of LED Cooling Technology
Nuventix, creator of an LED cooling technology for energy-efficient lighting, announced today that GE (NYSE: GE) has provided capital alongsideother investors and recently entered into a license agreement to access Nuventix’s extensive patent portfolio.
GE unit GE Energy Financial Services and The Bergquist Company joined existing investors Braemar Energy Ventures, CenterPoint Ventures, InterWest Partners and Rho Ventures to complete a $10 million investment round to fund Nuventix’s global expansion and technology advancements. GE’s investment was made as part of its ecomagination Challenge, created to accelerate the deployment of innovative technologies through open collaboration and financial support. The license agreement between GE Lighting and Nuventix complements GE’s effort to develop reliable, longer-lasting LED products and systems. GE Lighting’s scientists and product developers see the Nuventix SynJet technology as an enabler of broader and faster LED module adoption.
“Nuventix’s technology can improve the quality of LED lights by making them brighter, longer-lasting and potentially cheaper,” said Steve Briggs, vice president of marketing and product management at GELighting.
From an investment standpoint, Ricardo Angel, senior vice president of venture capital at GE Energy Financial Services said, “As the company that helped introduce lighting into homes and businesses more than 130 years ago, GE brings more than money to this investment, such as unparalleled expertise and market reach, to accelerate the adoption of next-generation lighting.”
LEDs, or light-emitting diodes, are semi-conductors that produce light, which must be cooled to prevent quick burnout. Nuventix developed a method for moving air to cool LEDs using a single oscillating membrane, called a SynJet®, as an alternative to traditional fans. Lighting fixture companies can employ Nuventix’s technology for spot, down, track and accent lighting fixtures that also use high-brightness light engines such as GE’s Infusion® LED modules.
The market for LED lighting is growing as businesses and consumers prefer its energy-efficient, longer-lasting features over legacy technologies that cost more to run and maintain.
“This funding and collaboration with GE Lighting will power our global expansion and technology growth as we advance SynJet technology for use in LED lighting and electronics,” said Jim Balthazar, CEO and president of Nuventix. “Our technology cools hot electronics reliably, efficiently, quietly, and in the form factors designers want. We aim to continue to lead the market.”
The investment amount for each firm participating in the funding round was not disclosed.
About Nuventix
Nuventix is the company that cools, providing the only process using synthetic jets to answer the growing problem of thermal management in electronics. From chips in LED lighting to embedded computing and beyond, the Nuventix SynJet offers a reliable, quiet and energy efficient cooling solution in a variety of sizes and form factors. Nuventix, with itsinnovative and award-winning SynJet technology product line, has been solving thermal management problems for customers around the world since 2003. Visit www.nuventix.com.
About GE Energy Financial Services
GE Energy Financial Services’ experts invest globally across the capital spectrum in essential, long-lived, and capital-intensive energy assets that meet the world’s energy needs. In addition to capital, GE Energy Financial Services offers the best of GE.’s technical know-how, technology innovation, financial strength, and rigorous risk management. Based in Stamford, Connecticut, the GE business unit helps its customers and GE grow through new investments, strong partnerships, and optimization of its $21 billion in assets. For more information, visit http://www.geenergyfinancialservices.com.
About GE Appliances & Lighting
GE Appliances & Lighting spans the globe as an industry leader in major appliances, lighting, systems and services. Providing solutions for commercial, industrial and residential use, GE Appliances & Lighting uses innovative technologies and ecomaginationSM, a GE initiative, to aggressively bring to market new technologies that help customers and consumers meet pressing environmental challenges and deliver comfort and convenience.General Electric (NYSE: GE), imagination at work, sells products under the Monogram®, Profile™, GE®, Hotpoint®, Reveal® and Energy Smart® consumer brands, and Tetra®, Vio™ and Immersion® commercial brands. For more information, consumers may visit www.ge.com.
About GE
GE (NYSE: GE) is an advanced technology, services and finance company taking on the world’s toughest challenges. Dedicated to innovation in energy, health, transportation and infrastructure, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company’s Web site at www.ge.com.
