A MAYO-based company that develops energy efficient lighting controls has secured an investment of €2.5 million from ESB Novusmodus, the State-owned ESB’s cleantech and renewable energy fund.

This is believed to value SELC (Smart Electronic Lighting Controllers) at close to €10 million.

The capital will be used to develop SELC’s international business and increase its production capacity.

It is understood that SELC, which was founded by physicist and engineer Seán Noone, is projecting strong sales and profit growth over the next four years.

The company is believed to have forecast net profit of €1.4 million from sales of €13 million in the first year post-investment. This is projected to rise to a surplus of €15 million on sales of €55 million by year four.

These projections are based on an analysis of existing sales and customer targets. They are also based on securing sufficient funding from a partner for research and development to help scale the business.

SELC’s patented electronic digital ballasts are used in the operation of external lighting, particularly street lighting.

They enable cities, councils and municipalities to reduce dramatically both carbon emissions and energy costs by controlling lamps more efficiently and allowing for the remote monitoring and dimming of lights.

SELC claims that its products improve public lighting energy efficiency by up to 40 per cent.

SELC has developed strong customer relationships and partnerships with major industry players, including GE, Philips, Siemens, Scottish and Southern Energy and ESB, which it has supplied for many years.

SELC was advised on the fundraising by Raglan Capital, a Dublin-based advisory firm.

Minister for Energy Eamon Ryan welcomed the ESB’s investment in SELC.

“The world wants green products and SELC can provide them. It is further evidence of how we can help the economy as we help the environment.”