NEW YORK, Sept. 8, 2016 /PRNewswire/ -- Photonic Capital, a leading LED lighting solution provider, has secured a $100 million debt facility from Bright Light Capital I, LLC a SPV funded and administered by Capstone Capital Group. This debt facility will be used to support the expansion of Photonic Capital's innovative shared savings program for commercial and industrial clients who seek to replace conventional lights with LED lights. The Photonic Capital shared savings program reduces its clients' lighting electricity usage by 50% to 80% from current levels.
"What we have discovered is that many established commercial real estate owners would love to benefit from the savings associated with LED lights, but they hesitate to make the capital investment in LED lighting technology because it is expensive," said Udi Laska, CEO of Photonic Capital. "Our answer is a shared savings program that enables our clients to get LED lights with zero upfront capital investment."
Photonic Capital is offering commercial real estate owners, manufacturing facilities, universities, hospitals, religious institutions, and government entities access to Photonic Capital's Energy Reduction Services Agreements (ERSAsTM) that enable them to replace conventional lights with LED solutions through a turn-key program which includes the lights, the fixtures and controls, the installation, and ongoing maintenance—all for a single fixed monthly charge. Notwithstanding energy costs tend to go up over time, Photonic Capital is able to offer a fixed monthly price for its services which serves to insulate its clients from some of the increase in lighting costs that they would experience without Photonic Capital's shared savings program.
"We listened to our customers," added Photonic Capital President Al Heyer. "We have built a program that allows our clients to upgrade their lighting systems to modern, energy-efficient lighting with a plan that has no upfront cost. Our debt facility enables Photonic Capital to cover the costs of the expensive initial investment, and our ERSATM program creates an opportunity for companies to transition to modern infrastructure that is significantly less expensive to operate and offers material operational advantages over conventional lighting."
Capstone Capital Group, LLC has committed up to $100 million dollars, through Bright Light Capital I, LLC to support Photonic Capital's ERSATM program. "We evaluated the potential of shared savings programs with real estate owners and believe there is great potential for this innovative form of financing," said Joseph Ingrassia, CEO of Capstone Capital Group, LLC. "We have high confidence that Photonic Capital can fully utilize our debt facility as it expands nationally and develops its reputation as the leading shared savings program for LED lighting solutions."
Photonic Capital designs and manufacturers its own proprietary lighting solutions through its technology, R&D and manufacturing division, Photonic Laboratories, which has completed since 2007 over 300 LED lighting projects for entities such as the Lincoln Tunnel, the Jacob Javitz Center, New York University, Winthrop Properties, and North Shore-LIJ Health System.
ERSAsTM can be created for both small and large-scale real estate projects. While preference for ERSATM leases will be given to properties located in the United States and its surrounding territories, Photonic Capital will consider applications from companies and organizations based outside the United States.
About Photonic Capital
Photonic Capital, together with its technology and specialized manufacturing division Photonic Laboratories, provides unique lighting solutions to commercial and industrial clients. Since 2007, it has focused on developing customized LED lighting systems for its clients. It offers these state-of-the art LED solutions on both a purchase and lease basis. The company is based in New York City with R&D and manufacturing facilities in New Jersey. The Company's current investors include Middlemarch Capital Partners and Emerging Market Partners.
For more information about Photonic Capital please visit www.photonic-capital.com.
Media Contact: Udi Laska
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SOURCE Photonic Capital