$10 Million
and GE Collaboration Light Way for Growth of Nuventix, Maker of LED Cooling
Technology
AUSTIN, TX – July 19, 2011 – Nuventix, creator of an
LED cooling technology for energy-efficient lighting, announced today that GE (NYSE:
GE) has provided capital alongside other investors and recently entered
into a license agreement to access Nuventix’s
extensive patent portfolio.
GE unit GE
Energy Financial Services and The Bergquist Company joined existing investors Braemar Energy Ventures,
CenterPoint Ventures, InterWest Partners and Rho Ventures to complete a $10
million investment round to fund Nuventix’s global
expansion and technology advancements. GE’s investment was made as part of its
ecomagination Challenge, created to accelerate the deployment of innovative
technologies through open collaboration and financial support. The license agreement between GE Lighting and
Nuventix complements GE’s effort to develop reliable, longer-lasting LED
products and systems. GE Lighting’s scientists and product developers see the Nuventix SynJet technology as
an enabler of broader and faster LED module adoption.
“Nuventix’s technology
can improve the quality of LED lights by making them brighter, longer-lasting
and potentially cheaper,” said Steve Briggs, vice president of marketing and
product management at GE Lighting.
From an
investment standpoint, Ricardo Angel, senior vice president of venture capital
at GE Energy Financial Services said, “As the company that helped introduce lighting
into homes and businesses more than 130 years ago, GE brings more than money to
this investment, such as unparalleled expertise and market reach, to accelerate
the adoption of next-generation lighting.”
LEDs, or
light-emitting diodes, are semi-conductors that produce light, which must be
cooled to prevent quick burnout. Nuventix developed a method for moving air to
cool LEDs using a single oscillating membrane, called a SynJet®, as an
alternative to traditional fans. Lighting fixture companies can employ Nuventix’s technology for spot, down, track and accent
lighting fixtures that also use high-brightness light engines such as GE’s
Infusion® LED modules.
The market
for LED lighting is growing as businesses and consumers prefer its
energy-efficient, longer-lasting features over legacy technologies that cost
more to run and maintain.
“This funding and collaboration with GE Lighting
will power our global expansion and technology growth as we advance SynJet
technology for use in LED lighting and electronics,” said Jim Balthazar, CEO
and president of Nuventix. “Our technology cools hot electronics reliably,
efficiently, quietly, and in the form factors designers want. We aim to
continue to lead the market.”
The investment amount for each firm participating
in the funding round was not disclosed.
About Nuventix
Nuventix is the company that cools, providing the
only process using synthetic jets to answer the growing problem of thermal
management in electronics. From chips in LED lighting to embedded computing and
beyond, the Nuventix SynJet offers a reliable, quiet and energy efficient
cooling solution in a variety of sizes and form factors. Nuventix, with its
innovative and award-winning SynJet technology product line, has been solving
thermal management problems for customers around the world since 2003. Visit www.nuventix.com.
About GE Energy Financial Services
GE Energy Financial Services’ experts invest
globally across the capital spectrum in essential, long-lived, and
capital-intensive energy assets that meet the world’s energy needs. In addition
to capital, GE Energy Financial Services offers the best of GE.’s technical
know-how, technology innovation, financial strength, and rigorous risk
management. Based in Stamford, Connecticut, the GE business unit helps its
customers and GE grow through new investments, strong partnerships, and
optimization of its $21 billion in assets. For more information, visit http://www.geenergyfinancialservices.com.
About GE Appliances & Lighting
GE
Appliances & Lighting spans the globe as an industry leader in major
appliances, lighting, systems and services. Providing solutions for commercial,
industrial and residential use, GE Appliances & Lighting uses innovative
technologies and ecomaginationSM, a GE initiative, to aggressively
bring to market new technologies that help customers and consumers meet
pressing environmental challenges and deliver comfort and convenience.
General Electric (NYSE: GE), imagination at work, sells products under the
Monogram®, Profile™, GE®, Hotpoint®, Reveal® and Energy Smart® consumer brands,
and Tetra®, Vio™ and Immersion® commercial brands. For more information, consumers
may visit www.ge.com.
About GE
GE (NYSE: GE) is an advanced technology, services
and finance company taking on the world’s toughest challenges. Dedicated to
innovation in energy, health, transportation and infrastructure, GE operates in
more than 100 countries and employs about 300,000 people worldwide. For more
information, visit the company’s Web site at www.ge.com.
Editor’s Note:
Watch online demonstrations of Nuventix’s
technology via the following link: http://www.nuventix.com/synjet_flash_demo/
Media Contacts