Creator of innovative LED cooling technology developer for energy-efficient lighting, Nuvetix declared that GE has invested capital along with other investors and signed a licence agreement. The agreement provides GE access to Nuvetix’s wide patent portfolio.
The agreement between the two companies complements the effort made by GE in order to develop durable, dependable LED systems and devices. The product developers and scientists at GE Lighting view the SynJet technology developed by Nuventix as an aid to achieve faster and broader LED module adoption.
The Vice President of product management and marketing at GE Lighting, Steve Briggs stated that the technology developed by Nuvetix can make LED lights brighter, cheaper and long-lasting.
The Bergquist Company and GE Energy Financial Services united with Rho Ventures, CenterPoint Ventures, InterWest Partners and Braemar Energy Ventures to furnish an approximately $10 million investment in order to fund the technological advancement and global expansion of Nuventix. The investment made by GE was part of the company’s Ecomagination Challenge which was created to speed up the deployment of novel techniques by offering financial support and open co-operation.
GE Energy Financial Services’ Senior Vice President-venture capital, Ricardo Angel stated that GE is known to help bring lighting to businesses and homes for more than 130 years and that GE not only provides the finances needed but also has a wide market and unmatched expertise.
The Chief Executive Officer and President of Nuvetix, Jim Balthazar stated that the collaboration and funding received from GE Lighting will advance the SynJet technology for use in LED electronics and lighting as well as power Nuvetix’s technology growth and expansion globally.