Late last week, Tvilight announced the successful completion of an investment round that resurrects the company out of insolvency. The Groningen-based intelligent street lighting specialist has secured growth capital from its key manufacturer and supplier, A1 Electronics, and its long-term partner in the Asia Pacific, Ecolant Holdings. Financial details have not been disclosed.
A month ago, Tvilight was finalizing this very same funding round, but with a consortium of three investors. At the very last moment, one of them backed out. Because of its cash flow position, the company was obliged to file for insolvency under Dutch law.
The trustee assigned by the court after the bankruptcy received multiple bids to restart Tvilight. In the end, he decided to grant the company’s IP and assets to the consortium led by A1 and Ecolant. Tvilight’s management team is a co-investor in the consortium.
The partnership allows Almelo-based A1 Electronics to tap into the rapidly growing business of connected street lighting networks. “Tvilight has a proven track record and a great potential,” explains A1 CEO Rudy Oude Vrielink. “It has already delivered over 600 projects worldwide with over 55,000 connected streetlights. Major system integrators and lighting companies, such as DEW21, Dynniq, Holophane, Siteco, Strukton, Thorn and Trilux, use Tvilight products as part of their portfolio.”
“Smart streetlights play a critical role as core infrastructure in making cities smarter and sustainable,” adds Youngho Baik from Ecolant. “Tvilight has delivered reliable performance and success in large-scale projects. Through our participation, we look forward to promoting its solutions throughout Asia Pacific and supporting Tvilight 2.0 with achieving profitability and growth.”
Commenting on the investment, Chintan Shah, Tvilight founder and CEO, says: “Over the last 6 years, we’ve developed a strong product portfolio, customer base and field experience to help cities roll out large-scale smart lighting solutions. The investment enables us to strengthen our market leadership position.”