"We are very pleased to welcome Wellington Partners as a significant new lead investor in this round."
G. Russell Mortenson
Executive Chairman
Wellington contact:
Bart Markus
| Highly efficient LED lighting at very low costs |
Founded in 2005, GLO AB is focuses on development and commercialisation of nanowire LEDs (nLED). They are based on proprietary heterostructured semiconductor nanowire epitaxial growth and process technologies originating from the technology spin-out from Lund University, Sweden, and are protected by a significant portfolio of patents and patent applications. The GLO LED chip – each with millions of nanowire LEDs – is expected to offer all the advantages of state-of-the-art conventional LEDs, including high lighting efficiency with very low energy consumption, long lifetime, and good functionality; but it will carry radically lower manufacturing costs. This potential for substantial cost reduction is what makes possible the widely anticipated entry of LEDs in the mainstream lighting market and hence was the reason behind Wellington Partners’ decision to lead a financing round of SEK 170 million (approx. $ 25 million) in September 2010. The company will use the money to take its proprietary technology to production. At the same time, GLO has established a further engineering centre in California to supplement its current efforts in Sweden and Denmark.
First investment: September 2010
GLO AB
Scheelevägen 17
Betahuset 6, Ideon Science Park
223 70 Lund
Sweden
