A leading infrastructure supplier to American utility companies is making a significant move into the LED lighting market.
PowerSecure is to buy majority stakes in two manufacturers, Innovative Electronic Solutions (IES) and EfficientLights, whose revenue jumped by 700 per cent in 2009.
Chief executive Sidney Hinton is delighted by the acquisitions and believes the firm's potential for expansion is substantially enhanced by the "strong success" of both IES and EfficientLights.
"We are energised by these investments and looking forward to the benefits they provide as we continue to develop our LED lighting capabilities and business as a significant growth driver for our future," he said.
It represents the latest move into what is seen as an attractive LED market with Japanese giant Toshiba already announcing the end of incandescent light bulb production as it focuses on LED alternatives.
In addition, many European cities are already adopting the newer, more-efficient technology to illuminate their streets.