A private equity firm will provide financing solutions for Revolution Lighting Technologies customers who want to switch to LED lighting but lack the money to do so. In order to realize that vision, Aston Capital formed LightCap I Fund which will help customers invest in LED projects and take the windfall out of the expected savings in reduced electricity they consume each month.
According to the company statement, the financing solution will cover purchases of LED lights and accessories along with other "associated costs, including amortization." The financing is geared toward commercial and industrial establishments as well as municipal government and universities.
Charles J. Schafer, Chief Financial Officer of Revolution Lighting, said the new fund access "will open up an enormous amount of market opportunities, helping to accelerate customer decisions to move forward with LED projects."
Under the arrangement, the customers will pay back LightCap I through the percentage of the energy savings and associated costs. Revolution Lighting, however, has no direct connection to the fund.
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