US-based lighting control company LUMEnergi received $533,333 (£330,000) as part of an overall funding round of $1 million. The fundraising, an extension to the convertible loan extended in August, is intended as a ‘bridge’, with LUMEnergi ‘in late-stage negotiations with several investment groups as part of its planned Series B round’, according to Andrew Affleck, executive chairman of LCA’s investment manager Low Carbon Investors.
LCA has also invested a further £750,000 as a convertible loan in solar cell company QuantaSol, as part of an overall £1.5 million convertible loan investment. Steve Mahon, chief investment officer for Low Carbon Investors, says the fundraising will enable QuantaSol to ‘deliver their first cells to customers for field testing’.
The deals take LCA’s total investment in LUMEnergy to $5.33 million, giving it a stake of 25.3 per cent with a convertible loan of $1.33 million, while the firm has invested £3.13 million in QuantaSol, representing a holding of 41.4 per cent alongside the loan of £750,000.