Lighting Science Group Closes $168 Million Equity Raise
SATELLITE BEACH - Lighting Science Group Corporation announced today that it has closed on $49 million in preferred stock financing, representing the final tranche of the $168 million equity financing first announced by the Company on May 29 and surpassing the financing commitments disclosed at that time.
The latest funding tranche was provided by Zouk Capital LLP, Europe's largest dedicated growth equity fund in the cleantech space, and a sovereign wealth fund from the Middle East. They join Riverwood Capital, a globally-focused private equity firm that invests in high-growth businesses in the technology and services industries, and Pegasus Capital Advisors, LP, the Company's majority shareholder, previous participants in the equity financing.
With the completion of this final tranche, aggregate gross proceeds to the Company from the equity financing are $168 million. The funding will be used to finance the Company's growth and enhance its leadership position in the LED lighting market, with a strong focus on continued development of the Company's technology and product pipeline as well as significantly and rapidly improving operational efficiencies.
The financing will allow LSG to expand its relationship with key supply chain partners, optimize its working capital management and increase its pace of new product introductions. In addition, LSG intends to invest in its sales and marketing efforts to promote and support its products in an ever increasing number of channels, assisted by the global commercial networks LSG's new investors expect to bring.
Lighting Science Group Corporation designs, develops, manufactures and markets LED lighting solutions that are environmentally friendlier and more energy efficient than traditional lighting products.
