Luminus Gets MassDev Loan
WOBURN, Mass., June 11, 2007 -- Woburn, Mass., LED maker Luminus Devices Inc. announced today it has received a $2.5 million loan from the Massachusetts Development Finance Agency’s Emerging Technology Fund which the company said will create 300 jobs over five years.
Luminus said it will use the funding to expand manufacturing of its PhlatLight LED technology. "The funds from MassDevelopment are allotted for capital and leasehold improvements and will help Luminus’s creation of many more new jobs in Massachusetts over the next five years," Luminus said in a statement. "New growth is expected to come from Luminus’s expansion into a variety of new applications, including LCD TV, one of the fastest-growing segments in HDTV."
The company said the adoption of its PhlatLight products by some leading TV manufacturers and a recent expansion into new applications has enabled it to create 175 local jobs in the last four years, and that it will continue to expand its work force throughout the term of the new agreement.
Luminus Devices CEO Udi Meirav said, "We are encouraged by the state’s support of our business, and we are pleased to be giving back to the local economy by maintaining our Massachusetts roots and continuing to create new jobs. The loan from MassDevelopment will help continue the expansion of our manufacturing operations and contribute to the mass commercialization of our PhlatLight products as we enter into new applications and ramp up production of our existing products for our consumer electronics customer base."
Robert L. Culver, MassDevelopment president/CEO, said, "This project is another great example of how the Emerging Technology Fund helps convince cutting-edge businesses like Luminus to site or expand manufacturing operations in the Commonwealth by providing a modest, targeted investment in equipment and facilities. Like Bristol-Myers Squibb in Devens, Luminus's decision to create high-tech jobs in the Bay State is a testament to the fact that Massachusetts has the workforce, real estate and commitment to business development that makes manufacturing -- in addition to research and development -- both a realistic and attractive option for firms that are here now, as well as those looking to expand in this part of the country."
Founded in 2002, Luminus Devices originated from Erchak's research at MIT. Its PhlatLight LED technology is being used in Samsung Electronics’ new line of Slim LED DLP TVs, in place of mercury lamps used in traditional projection TVs. PhlatLight technology is also in use in projection TVs from NuVision and in a compact new pocket projector from LG Electronics.
In partnership with Taiwan-based LCD developer Global Lighting Technologies (GLT), Luminus recently demonstrated a prototype 52-inch LCD backlight unit at SID 2007 (Society for Information Display’s 2007 International Symposium & Exhibition) that needs only 10 PhlatLight chipsets for illumination, compared to many thousands, using conventional LEDs. Luminus was awarded SID’s 2007 Display Component of the Year Silver Award for its PhlatLight LED technology.
MassDevelopment’s Emerging Technology Fund supports innovation and growth in Massachusetts by providing loans and guarantees for technology-based manufacturing facilities and equipment. To date, 15 companies have received more than $23 million in ETF financing and millions more in follow-on investment.
For more information, visit: www.luminus.com
- The technology of generating and harnessing light and other forms of radiant energy whose quantum unit is the photon. The science includes light emission, transmission, deflection, amplification and detection by optical components and instruments, lasers and other light sources, fiber optics, electro-optical instrumentation, related hardware and electronics, and sophisticated systems. The range of applications of photonics extends from energy generation to detection to communications and...
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