A Yorkshire low-energy lighting specialist is on the precipice of launching a new product to be manufactured in the North with the help of a £100,000 Northern Powerhouse loan.
Based in Doncaster, MG Lites Energy Saving Solutions has created a number of innovative eco-friendly lighting products in recent years.
Its products are used by leading supermarkets, pub chains, councils and universities and feature in many landmark buildings including Lambeth Palace and Abbey Road Studios in London, Corfe Castle and Doncaster Airport.
The funding – from NPIF – Mercia Debt Finance, which is managed by Mercia Fund Managers and part of the Northern Powerhouse Investment Fun – allows the company to launch a new LED low-bay lamp for use in warehouses, which will be produced on contract at a factory in Oldham.
“Low-energy lighting can save users around 70% on energy costs and, given that some bulbs need replacing only once in 24 years, it can also significantly reduce maintenance costs,” said founder and CEO Michael de Carolis.
“This investment will allow us to produce a dedicated product for the warehouse sector and, better still, to start manufacturing in the UK which will give us greater control over the supply chain.”
Peter Sorsby, Investment Manager with Mercia Fund Managers, added: “MG Lites has built a reputation as an innovator in its field. The funding will allow it to further extend its range and maintain its position ahead of the market.”
Mark Wilcockson, Senior Manager, UK Network at British Business Bank, said: “Energy saving has become a huge topic for many businesses in recent years.
“MG Lites has developed a number of innovative products that have helped corporates reduce their carbon footprint, and its latest development is no different.
“Having already worked with some of the UK’s most recognisable buildings, the company has gained an excellent reputation and it is now well placed for further growth.”