Award-winning Northern Irish cleantech company LUMENSTREAM has raised £400k of seed investment led by Techstart Ventures. This is the largest seed investment generated by a cleantech company based locally and will help create 12 new positions within the company.
LUMENSTREAM offers an innovative “Pay as you Save” platform it calls ‘LED Lighting as a Service’ to some of the world’s largest energy-consuming businesses and its services are proving popular as the global cost of living crisis hits businesses and consumer households alike.
This is the first time LUMENSTREAM has taken seed investment and the funds provided will increase the remote project development team by 12, with members currently based across Belfast, Manchester, Birmingham and London.
Following its launch in 2019, LUMENSTREAM has upgraded commercial buildings to LED lighting with sensor controls for no upfront capital cost. This enables companies to save up to 85% on their lighting costs while dramatically reducing their carbon emissions and removing maintenance requirements for the contract duration.
A fraction of the energy saving is then paid to LUMENSTREAM as a monthly subscription fee for the initial five years, meaning its customers generate positive net cash flow immediately following project upgrade.
Alistair Brown, founder and chief executive officer of LUMENSTREAM explains:
“Businesses are seeking ways to drastically reduce their energy consumption with environmentally driven sustainability targets in mind. With energy prices escalating and a squeeze on infrastructure investment, our clean Energy as a Service model helps businesses to achieve their targets without deploying capital expenditure.
“Our business has been growing rapidly following the ease of COVID-19 restrictions and we are delighted to receive this round of funding to supercharge our scalability in 2023 and beyond. The funding will help us increase our customer base in the UK and further afield and put LUMENSTREAM firmly on the cleantech map.”