Environment and energy efficiency specialised merchant bank, Turquoise, announced on Thursday that it had completed its fifth deal on behalf of the Low Carbon Innovation Fund 2. This latest deal was part of a £760,000 funding round, and saw the European Regional Development Fund-backed organisation invest in LED light specialists, Kubos Semiconductors.
Using technology derived from the University of Cambridge, Kubos develops LEDS in cubic Gallium Nitride, in order to deliver efficient green and amber devices. The company’s technology enables the production of ‘high-end, low-cost, highly-efficient LEDs’ by solving the green gap problem (efficiency is often lower in green and amber devices versus their blue and red counterparts).
The company said that the main applications of its technology are in general lighting, micro-LED displays, automotive, street lighting and digital signage settings.
Speaking on the announcement of new Low Carbon Innovation Fund 2’s investment, Turquoise Directors, Axel de Mégille, commented: “Kubos LED technology will represent a massive improvement in lighting and displays efficiency, significantly reducing energy consumption and accounting for less CO2 emissions. This investment fits very well in the investment strategy of LCIF2 into technologies helping to reduce greenhouse gases (GHGs).”
Kubos chief executive Caroline O’Brien added: “We are delighted to welcome LCIF2 as an investor in Kubos. This investment will enable us to further our development program to deliver a commercial proof of concept and start engaging with potential customers. LCIF2 will also enable us to strengthen our links with local and national government.”
Funded by the European Regional Development Fund, the Low Carbon Innovation Fund 2 is managed by the UK Ministry of Housing, Communities and Local Government. This latest round of investment follows previous contributions to agritech startup, KisanHub, and £350k in funding towards EV battery recycling specialists, Connected Energy.