PowerSecure International’s LED lighting business saw 700 percent revenue growth last year, despite the global downturn. Now the Wake Forest company that also makes smart-grid products for utilities wants more. It announced Tuesday a move to double down on solid-state lighting, acquiring two-thirds interest in commercial and industrial lighting designer Innovative Electronic Solutions Lighting. It also decided to buy the remaining one-third of EfficientLights that it doesn’t own.
PowerSecure's present LED lighting division, EfficientLights, sells to grocery stores. Revenue rose 700 percent last year.The transactions – valued together at $14.4 million – significantly expand the company’s bet on a market that CEO Sidney Hinton says will grow 50 percent in each of the next two years.
“Our first hand experience has confirmed to us that the demand for LED lighting is robust,” Hinton said on a conference call. “The opportunity for LED lighting is staggering.”
The company’s EfficientLights division currently serves the grocery-store market with LEDs for refrigerator cases. Hinton says expansion is underway. Customers have come seeking lights for drug and convenience store chains, he says.
Sponsor: Redbird LED is an Atlanta based designer and manufacturer of high quality LED tube lights for Grocery stores. LED Tube lights are especially suitable for refrigerated cases due to their superior performance in colder temperatures. For more information about the benefits of LED Lights in Grocery stores please visit their website www.groceryledlighting.com
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