Innovative 'solar-glass' start-up emerges from Emgo, the leading European light bulb producer
Leuven, 17 December 2010. Capricorn Cleantech Fund and LRM announced today that they are planning to invest ? 20 million in Ducatt NV, a Belgian based solar-glass start-up. The banning of the incandescent light bulbs from the European market in 2012 obliges Emgo NV, the leading European producer of light bulbs to take the necessary measures and to focus on new growth markets. With the support of the Capricorn Cleantech Fund (CCF) and the investment company for Limburg, LRM, two members of the Emgo management team have taken the initiative to launch a novel solar glass start-up and plans to offer jobs to 100 Emgo employees.
Light bulb factory to be turned into innovative 'solar-glass'-production
Philips Lighting and Osram have agreed to spin-out the light bulb production from Emgo, their 50/50 joint venture. Two members of the Emgo management team have initiated a new activity under the Ducatt name. Supported by Capricorn Cleantech Fund and LRM the light bulb production line will be converted into a high value production facility for specialty glass for the photovoltaic industry. Following the signing of agreements with Philips Lighting and Osram, CCF and LRM have conditionally agreed to each invest ? 10 million in this ambitious project. The balance of the financial requirements will be met with bank loans. Ducatt, the newly created company, will start with 100 employees from Emgo. This will allow the start-up to leverage the established glass technology know-how and deploy a new economic activity in a future oriented sector.
Stijn Bijnens, CEO LRM: 'Through the foundation of Ducatt, we are realizing an important cornerstone in the expansion of the solar industry in Limburg. Due to its special characteristics, sand from Limburg is already being used worldwide for the production of solar panel components, such as glass. And we should be able to attract more companies that are active higher up in the value chain.'
Paul Decraemer, head of the Capricorn Cleantech investment practice: 'Emgo has always been a pioneer and innovator in the field of glass components for incandescent and tubular lamps. This knowledge provides a solid base to turn Ducatt into an important specialised supplier for the photovoltaic industry.'
LRM is a profit-driven investor that offers entrepreneurs a unique combination of venture capital and real estate. Oxygen for growth!
LRM's activities contribute to the economic development and the general employment in Belgian Limburg. LRM is oriented towards all sectors and companies, from start-ups over growing SMEs to large enterprises. Today, LRM is active in five domains: ICT & Media, Life Sciences, Cleantech & Energy, SMEs & Large enterprises.
About Capricorn Venture Partners
Capricorn Venture Partners is a pan-European manager of venture capital funds seeking to invest in technology based growth companies. Capricorn is investing out of its ? 112 million Capricorn Cleantech Fund. The Cleantech Fund invests in European growth companies developing innovative breakthrough technologies in the fields of renewable energy and energy efficiency, water
purification and re-use, biobased material conversion and biorefinery platforms, clean air, climate change, green chemistry and advanced materials, materials recovery and
recycling. The investment team of Capricorn is composed of experienced investment managers with deep technology expertise and a broad industrial experience. The Capricorn Cleantech Fund benefits from investment by the European Investment Fund through the 'Competitiveness and Innovation Framework Programme' of the European Union.
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