Metrolight Announces Appointment of Zvi Segal as a CEO and $3 Million Financing
June 4, 2009
NETANYA, Israel, June 4 /PRNewswire/ — Metrolight Ltd., leading provider of electronic ballast solutions for energy efficient lighting, announced today the appointment of
Zvi Segal as a Chief Executive Officer.
Zvi Segal has almost twenty years of international experience managing companies in the semiconductor industry through senior executive positions at Orbotech Group, Applied Materials and Teledata Communication.
He will lead Metrolight’s growth phase driven by the strong demand for its energy saving products and services from commercial, industrial and municipal customers across Europe and the US. Metrolight’s High Intensity Discharge (HID) eBallast reduces up to 60% of energy consumed and doubles the life of a lamp.
In parallel, the company closed an additional fund raising of about $3 Million from Metrolight major shareholders including Virgin Green Funds, Gemini Israel Funds, Israel Cleantech Ventures and other investors founders and private angels.
According to Metrolight’s Chairman
Yoav Leeran, “The appointment of
Zvi Segal is the next logical step in building a worldwide leader in energy efficient lighting. We expect Zvi will continue building a strong business with the best portfolio of high power commercial, industrial and municipal lighting solutions. The new money raised underlines the strong belief of the founders and the investors in the product, unique technology, market potential and the management team of Metrolight.”
Zvi Segal adds, “I’m looking forward to working with Metrolight’s highly skilled and knowledgeable team. The commercial and industrial lighting market is set for significant growth given the energy savings offered by high power electronic ballasts. Metrolight, based on its patented technology, is well positioned to be the leader of the movement to modern energy efficient lighting systems.”
“High power lighting is probably one of the very few utilities that has not yet benefited from a transition to electronic technology.
Zvi Segal will lead the company to build on its success in the market in offering products and associated services that substantially reduce energy consumption for the heavy lighting users,” states
Shai Weiss, Partner at Virgin Green Fund.
About Metrolight:
Founded 1996, Metrolight provides energy efficient lighting solutions to commercial, industrial and municipal customers in more than 15 countries across the globe. Metrolight’s technology for Smart Electronic Ballasts is at the forefront of lighting industry providing integrated high quality, high power solutions for a wide range of lighting applications with rapid payback on investment. Metrolight distributes its products directly as well as through a large network of distributors, ESCOs, lightning maintenance companies, project partners and lighting agents. The Company’s is owned by a consortium of institutional investors. Key investors include Virgin Green Fund and Gemini Israel Funds. For more information, visit www.metrolight.com.
SOURCE Metrolight
Source: newswire
