Turquoise, a specialized merchant bank in environmental and energy efficiency, announced on Thursday it had completed its fifth transaction on behalf of Low Carbon Innovation Fund 2.
Using technology derived from Cambridge University, Kubos develops gallium nitride LEDs to provide efficient green and amber devices. The company’s technology allows for the production of “high-end, low-cost, high-cost, high-efficiency LEDs” by solving the green gap problem (low efficiency with green and amber devices than with green and red counterparts).
The company said the main applications of its technology are the settings for general lighting, micro-driven displays, automobiles, street lighting and digital signage.
Speaking about the investment announcement for the New Low Carbon Innovation Fund 2, Axel de Mégille, director of Turquoise, commented: This investment fits very well with LCIF2’s investment strategy and helps reduce greenhouse gases (GHG). ”
Kubos CEO Caroline O’Brien added: This investment will help you accelerate your development programme, provide commercial proof of concept and begin engaging with potential customers. LCIF2 can also strengthen links with local and central governments. ”
Funded by the European Regional Development Fund, Low Carbon Innovation Fund 2, is managed by UK housing, communities and local governments. This latest round of investment follows a previous contribution to Agritech startup Kisanhub and a £350,000 funding for EV battery recycling specialist Connected Energy.
