QD Vision, Inc., developer of Quantum Light™ nanotechnology-based products for solid state lighting and displays, announced on January 21st that DTE Energy Ventures has invested $3 million in the company. The funding will support QD Vision’s market expansion of quantum dot-based nanomaterials that enable major efficiency gains in high-quality solid-state lighting and flat panel displays.
“We look forward to creating more LED lighting options for our customers with QD Vision products. We plan to encourage QD Vision to team up with Michigan based LED lighting companies and broaden their market reach.”
The investment follows a $10 million initial close of funding announced last month by the company.
“DTE Energy’s investment in QD Vision is a significant endorsement of our Quantum Light™ product platform, which will improve the quality of solid state lighting and displays while dramatically reducing power consumption and costs,” said Dan Button, CEO of QD Vision. “DTE Energy is actively participating in developing clean-energy solutions with its investments in some of the world’s most exciting startups in renewable energy, energy efficiency and energy storage solutions.”
Knut Simonsen, president, DTE Energy Ventures, said DTE Energy is pleased to partner with QD Vision and its highly talented team. “QD Vision’s Quantum Light™ platform will help lighting and display manufacturers reduce the carbon footprint of their products even as they continue delivering higher quality, better efficiency and lower costs for customers,” Simonsen said. “This technology promises to set a new standard for these multi-billion dollar global industries.”
Mike McNalley, Director of Energy Efficiency and Business Energy Services, DTE Energy, said “We look forward to creating more LED lighting options for our customers with QD Vision products. We plan to encourage QD Vision to team up with Michigan based LED lighting companies and broaden their market reach.”
QD Vision’s first product, announced in 2009, is a Quantum Light™ optic for a new high- efficiency, high-color-quality LED lamp developed by Nexxus Lighting, Inc.
(NASDAQ:NEXS), that combines the warmth and color of incandescent bulbs with the efficiency of LED technology. The power-saving lamp, expected to ship in the first quarter of 2010, can be directly installed in standard Edison sockets used by today’s incandescent bulbs. Meanwhile, QD Vision is actively working with several worldwide major manufacturers to design its Quantum Light™ optic into a number of SSL lamps and fixtures.
Founded in 2004 by a research team from MIT, QD Vision has raised a total of $33 million in venture capital financing. Other investors include North Bridge Venture Partners (www.NBVP.com), Highland Capital Partners (www.HCP.com) and In-Q-Tel (www.IQT.org).
About QD Vision, Inc.
QD Vision (www.qdvision.com) is a quantum dot product company that delivers highly differentiated lighting and display solutions to major industries where color, power and cost matter. QD Vision's Quantum Light™ platform enables step-change advances in current generation solutions, such as LCDs, LEDs and even OLEDs, and ultimately a significant leap over these technologies. Leveraging a first-tier patent position in nanotechnology originating at MIT, QD Vision is a privately held company based in Watertown, Mass. "Quantum Light" is a trademark of QD Vision, Inc.
About DTE Energy Ventures
DTE Energy Ventures (www.dteenergyventures), a subsidiary of DTE Energy, invests in and works with high-potential energy technology companies to develop products and nurture businesses. The subsidiary has invested more than $100 million in energy-related companies and funds, and it is one of the largest Michigan-based venture capital operations.
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include Detroit Edison, an electric utility serving 2.2 million customers in Southeastern Michigan, MichCon, a natural gas utility serving 1.2 million customers in Michigan and other non-utility, energy businesses focused on power and industrial projects, coal and gas midstream, unconventional gas production and energy trading. Information about DTE Energy is available at www.dteenergy.com.