An Irish company trying to develop innovative new ways of cutting greenhouse gas emissions through the creation of more efficient lightbulbs has received a further €1m in funding from the Kernel Capital managed Bank of Ireland Kernel Capital Fund II.
Ikon Semiconductor, a Dublin-based technology company developing more efficient and cost effective LED lighting solutions has previously received €650,000 from the Kernel-led fund.
Governments around the world are phasing out traditional light bulbs and incandescent lighting, replacing them with low-energy equivalents such as LEDs. Analysis from en.lighten says a global transition to efficient lighting would result in annual worldwide savings of over US$ 110bn (€86bn)and a 50 per cent reduction in worldwide greenhouse gas emissions.
"Ikon Semiconductor's silicon, LED Driver solutions will offer significant benefits to customers in terms of design, size and cost. The company will commence shipping silicon samples to key customers early next year," said Dr Daniel McCaughan, partner and chief technologist at Kernel Capital.
Ikon Semiconductor is zeroing in on the residential and commercial LED bulb replacement market which is expected to grow spectacularly from 80 million units in 2011 to 430 million units by 2013.
The firm will now use the new tranche of funds to drive product development and is planning for significant recruitment over the next six months to support these growth plans.