Thursday 15th December 2011
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Energy Mad, the energy-efficient light bulb company that raised $5 million in an initial pubic offering in October, has been given $220,000 in government funding to develop a new downlight.
The TechNZ funding from the Ministry of Science and Innovation will be used to develop an ‘Ecobulb’ downlight to replace less efficient halogen and incandescent, the company said in a statement.
The funding “will help us develop and get this new Ecobulb downlight to market faster,” said managing director Chris Mardon.
The bulb will use just 20 percent of the electricity of conventional bulbs, have a long life and be less expensive than competing products, it said. Because of its low temperature, the bulb can be covered with ceiling insulation.
Energy Mad sold shares at $1 apiece in its IPO. The stock last traded at 80 cents, having shed about 24 percent of their value since listing.
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