SOURCE: Lunera Lighting

Lunera Lighting

April 08, 2014 15:10 ET

Lunera Lighting Creates New BallastLED Market Segment and Raises Debt Financing From Opus Bank

Additional $5M in Funding to Accelerate the Obsolescence of Fluorescent and HID Bulbs With Plug-and-Play LEDs

SANTA CLARA, CA--(Marketwired - Apr 8, 2014) - Lunera® Lighting, Inc., a leader in lighting innovation announced today that they are launching their BallastLED™ technology and have raised $5M from Opus Bank to accelerate its adoption in the commercial general lighting market. BallastLED technology makes it easy and affordable to convert an existing lighting infrastructure to LED by enabling true plug-and-play LED replacement bulbs for ballast driven lighting applications.

"Opus Bank is focused on providing capital financing to entrepreneurs, small and mid-sized businesses, and professionals who have the vision to expand and grow their companies, and need a partner for growth. We found that Lunera has an exciting vision, an experienced and talented management team, and an impressive product roadmap," said Kevin McBride, Senior Managing Director of Technology Banking at Opus Bank." Lunera has grown 70 percent annually for the last four years and this capital will allow them to continue their rapid expansion.

"The progression from a venture financed start-up to a debt-funded company is a rite of passage that we are excited to have earned through the successful management of our business," said Doug Schendt, Lunera Chief Executive Officer. 

Benefits of BallastLED
Funding from Opus Bank, supports the company's initiative to create a new market segment of LED bulbs that operate directly off of existing fluorescent and HID ballasts; making the transition to LED as simple as changing a light bulb. Innovative electronics integrated into Lunera's BallastLED bulbs allow them to plug directly into ballast driven fixtures, avoiding the expense and disruption of having to replace or modify an existing light fixture in order to capture the benefits of LED technology.

"There are more than eight billion light bulbs currently deployed in the USA. Over 70 percent of the energy they consume comes from bulbs that operate off of electronic and magnetic ballasts. Since LEDs are inherently incompatible with ballasts, the adoption of LED bulbs into this large and important market segment has been non-existent to date," said Tom Quinn, Lunera Vice President of Sales and Marketing. "Lunera's BallastLED technology solves this problem by giving end users the freedom to easily convert existing lighting infrastructures to LED in the most cost effective way possible," added Quinn.

About Opus Bank
Opus Bank is an FDIC insured California-chartered commercial bank with over $3.7 billion total assets, $2.9 billion in total loans, and $2.7 billion in total deposits as of December 31, 2013. Opus Bank provides high-value, relationship-based banking products, services, and solutions to its clients comprised of small and mid-sized commercial businesses, entrepreneurs, real estate investors, professionals, and consumers. Opus Bank operates 60 banking offices, including two in the Phoenix area, 34 in California, and 24 in the Seattle/Puget Sound region in Washington. For additional information about Opus Bank, please visit our website: www.opusbank.com.

About Lunera
Lunera Lighting is an innovative technology leader in LED light products that are simple to install, reliable to operate, and valuable to own. Lunera designs, assembles, and markets high performance commercial LED fixtures and lamps that obsolete traditional lighting technologies. For building owners and operators, Lunera's products reduce operating expenses by lowering electricity and maintenance costs. For occupants, Lunera's technology improves light quality, enhancing comfort and productivity. Based in Silicon Valley, Lunera is part of a community of progressive companies that challenge convention and transform industries for the benefit of all. Visit Lunera on the web, Facebook or Twitter.

Contact Information

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    Antarra Communications
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