Danish entrepreneurs attract $2M investment and contract for 50,000+ cutting-edge power converters

In January, they won the Danish Tech Challenge and $75K prize. In May, they won the EIT Venture Award and the Nordic Cleantech Open. Now, Climate-KIC start-up Nordic Power Converters steps it up with an investment from Copenhagen-based SEED Capital and a line of prominent business angels.

Further, they have partnered with HeSaLight to supply minimum 50,000 premium power converters for LED lighting. Nordic Power Converters’ vision is to revolutionize the power converter market, where the technology has only seen incremental innovation over the previous 30 years.

The first application of their power supply will be in LED lighting products. LED lights can last quite long, but the complete products often fail sooner than expected because of the limited lifetime of the power converter.

Further, the size of the power converter negatively affects the aesthetics and design potential of LED products. Nordic Power Converters has developed a power converter that solves these exact challenges.

Their power converter doubles the lifetime, is five times smaller and reduces production costs considerably compared to existing products. Nordic Power Converters’ goal is to set the new standard for LED power converters (LED drivers), a market that is expected to reach $9 billion in 2019.

“With the investment we are able to accelerate and deliver innovative power converters to manufacturers of LED products across the globe. The next challenge is to attract talented people and develop the team to get us efficiently on the market and subsequently make us one of the world’s leading suppliers of LED power converters,” says CEO and co-founder Mickey Madsen.

Strong investor alliance

The investment in Nordic Power Converters is made in syndication between ten business angels and the venture capital firm SEED Capital. CCO and co-founder Regnar Paaske says that the team at Nordic Power Converters is very excited about the investor composition and that great emphasis has been put on attracting committed investors with relevant experience.

“I have followed the project over a couple of years and the core technology is now developed and demonstrated, the business model established and the team assembled. There is a strategy to get the products to the end-user, via partnerships, in the near future. Therefore, I believe the time is right to get this venture off the ground. Nordic Power Converters is a textbook example on how to bring research from idea to commercialization through entrepreneurial Ph.D. students, who are able to attract experienced commercial forces,” says Investment Manager in SEED Capital, Richard Breiter.

One of the business angels is Jørgen Bardenfleth, who is known to be a technology and innovation enthusiast. He has worked with several technology companies in Silicon Valley in the 1980’s, has been CEO of Hewlett-Packard, Intel and Microsoft in Denmark, and has held board positions in startups such as IPTronics and TheEyeTribe.

“Nordic Power Converters has the potential to be a game-changer and alter the way we use power converters in the future. The team has the talent and the ambition to go far. Therefore, I have invested in the venture and look forward to contributing actively to the journey we are embarking on,“ says Jørgen Bardenfleth.

Among the business angels are also Eivind Johansen, who was previously CTO at Giga, which was acquired by Intel for $ 1.25B, and US cleantech investor Greg Moga. Nordic Power Converters are open to further investors joining their journey at a later stage.

Ambitious partnership

HeSaLight is a Danish based LED lighting company with very high growth inside and outside of Europe. HeSaLight has observed Nordic Power Converters for more than a year in its dedication to provide better LED solutions and products to their users, and has now agreed to buy minimum 50,000 power converters from Nordic Power Converters.

“With premium LED drivers from Nordic Power Converters, HeSaLight will provide LED lighting products that significantly lower the cost of ownership for our customers,” says HeSaLight COO Martin Nielsen. “Further, the reduced form factor of the LED driver will enable new attractive designs of our LED products.”

Nordic Power Converters has selected HeSaLight as its first large customer due to their innovative market approach, rapidly growing business and their strategic and agile management. Both parties expect to continue strengthening their relationship to ensure better power converters and LED lights to a global market.

About Nordic Power Converters

Nordic Power Converters was founded in the summer of 2014 as a spinout from the Technical University of Denmark (DTU) with a technology platform developed during the previous five years. Their power converters can be used in a number of products like LED lights, laptop chargers and power supplies integrated in screens and entertainment equipment.

In the past three years, the founders of Nordic Power Converters have worked towards commercializing the technology and has chosen first to focus on the LED market and later to address other markets. The venture has won a long line of awards and recognitions. The team will expand significantly and is looking for agile team players with durable competencies ready for an exciting journey.

The team has doubled in size in the first half of 2015 to 8 full time employees and seeks to repeat this in the second half of 2015, and again in 2016. Currently, they have 4 active job openings.

 
Location
Articles you may be interested in
In The News
Raising climate awareness through art in Glasgow

The Glasgow City Region uses arts as a means...

Raising climate awareness through art in Glasgow
In The News
Helping Europe achieve a circular economy transition

EIT Climate-KIC, EIT RawMaterials, EIT Digital, EIT Food, EIT...

Helping Europe achieve a circular economy transition
In The News
EIT Climate-KIC and EASME host WCEF event on circular economy

The World Circular Economy Forum brings together business leaders,...

EIT Climate-KIC and EASME host WCEF event on circular economy
In The News
Citizens across globe eager to contribute to a post-COVID recovery

Over 4,500 citizens from around the world will join...

Citizens across globe eager to contribute to a post-COVID recovery
In The News
Transformative climate action and COP26: Join our webinar

Are you working to deliver transformative change for a...

Transformative climate action and COP26: Join our webinar
In The News
Madrid, Amsterdam and Milan: Three cities putting citizen participation at the...

The Extinction Rebellion or Fridays for Future global actions...

Madrid, Amsterdam and Milan: Three cities putting citizen participation at the heart of climate action
In The News
EIT Climate-KIC selected to become a member of the European Circular Economy S...

EIT Climate-KIC circular economy expert, Cliona Howie, will join...

EIT Climate-KIC selected to become a member of the European Circular Economy Stakeholder Platform
In The News
Partnering with EIT Climate-KIC on the New Accelerator: Call for Expressions o...

We are looking for new and existing EIT Climate-KIC...

Partnering with EIT Climate-KIC on the New Accelerator: Call for Expressions of Interest
In The News
EIT Climate-KIC leads collective efforts to accelerate Madrid’s transition t...

A cross- KIC (Knowledge and Innovation Community) initiative is...

EIT Climate-KIC leads collective efforts to accelerate Madrid’s transition towards carbon neutrality
In The News
New online magazine Branch explores the sustainability of the internet

This week saw the launch of Branch magazine, a...

New online magazine Branch explores the sustainability of the internet
In The News
Four EIT Climate-KIC innovators nominated for EIT Awards

Four EIT Climate-KIC innovators have been nominated to win...

Four EIT Climate-KIC innovators nominated for EIT Awards
In The News
EIT Climate-KIC selected to advise European Commission on sustainable finance

The newly created EU Platform on Sustainable Finance brings...

EIT Climate-KIC selected to advise European Commission on sustainable finance
In The News
bound4blue’s innovative wingsail technology gathers recognition across Europe

Cristina Aleixendri, Co-founder and COO of the Spanish start-up...

bound4blue’s innovative wingsail technology gathers recognition across Europe
In The News
EIT Climate-KIC and Glasgow City Region join forces, helping the region innova...

Home to one third of Scotland’s population and provider...

EIT Climate-KIC and Glasgow City Region join forces, helping the region innovate to become climate resilient
In The News
Cassetex from Bangladesh, Sosei from Uruguay and Carbon Craft Design from Indi...

More than 3,000 entrepreneurs from 56 countries participated in...

Cassetex from Bangladesh, Sosei from Uruguay and Carbon Craft Design from India win the seventh edition of ClimateLaunchpad
In The News
World’s biggest green business ideas competition now fully digital, free and...

The three-day Grand Global Final of the EIT Climate-KIC supported...

World’s biggest green business ideas competition now fully digital, free and accessible to all
In The News
Three cities building back better: Madrid, Milan and Amsterdam

EIT Climate-KIC will host a session at the 18th...

Three cities building back better: Madrid, Milan and Amsterdam
In The News
EIT Climate-KIC to work with Google on Impact Challenge

EIT Climate-KIC is delighted to announce that it will...

EIT Climate-KIC to work with Google on Impact Challenge
In The News
What role can finance play in the green recovery? EIT Climate-KIC and UNEP Fin...

EIT Climate-KIC, in partnership with the UNEP Finance Initiative,...

What role can finance play in the green recovery? EIT Climate-KIC and UNEP Finance Initiative ask leading thinkers to weigh in
In The News
EIT Climate-KIC supports European green recovery with €4 million for start-u...

EIT Climate-KIC is investing €4 million in nine climate...

EIT Climate-KIC supports European green recovery with €4 million for start-ups affected by COVID-19
In The News
The City Finance Lab calls on urban leaders to help build back better

Organised by sustainability expert South Pole, the competition for...

The City Finance Lab calls on urban leaders to help build back better
In The News
EIT Climate-KIC supported cities – Leuven, Milan, Valencia and Vienna no...

Twelve cities are in the final stage of the...

EIT Climate-KIC supported cities – Leuven, Milan, Valencia and Vienna nominated as European Capital of Innovation 2020
In The News
The climate emergency demands bold policy innovations – can cities d...

While the challenges of climate change and a global...

The climate emergency demands bold policy innovations – can cities deliver? 
In The News
EIT Climate-KIC joins circular economy side event at UN High Level Political F...

“Bold leaders are needed to drive a collaborative approach...

EIT Climate-KIC joins circular economy side event at UN High Level Political Forum on Sustainable Development
In The News
EIT Climate-KIC and Silesian Metropolis join forces to transform Europe’s la...

EIT Climate-KIC and the Metropolitan Association of Upper Silesia...

EIT Climate-KIC and Silesian Metropolis join forces to transform Europe’s largest coal region in the face of the climate crisis
In The News
Anders Wijkman represents EIT Climate-KIC at the International Society for the...

Speaking online at the inaugural Conference of IS4CE—the International...

Anders Wijkman represents EIT Climate-KIC at the International Society for the Circular Economy Conference
In The News
EIT Climate-KIC receives €8.4 million for innovation projects that stimulate...

Eleven climate innovation projects across Europe tackling COVID-19 related...

EIT Climate-KIC receives €8.4 million for innovation projects that stimulate job creation and support a post COVID-19 green recovery
In The News
CEO Kirsten Dunlop represents EIT Climate-KIC at Climate Policy Forum

On 25 June, EIT Climate-KIC attended the Climate Policy...

CEO Kirsten Dunlop represents EIT Climate-KIC at Climate Policy Forum
In The News
EIT Climate-KIC supported LOOP-Ports project wins prestigious sustainability a...

The LOOP-Ports project, led by the Fundación Valenciaport  and funded by EIT Climate-KIC,...

EIT Climate-KIC supported LOOP-Ports project wins prestigious sustainability award
In The News
EIT Climate KIC joins roundtable as Republic of Korea moves Green Deal forward

On 24 June, EIT Climate-KIC attended the 7th Green...

EIT Climate KIC joins roundtable as Republic of Korea moves Green Deal forward