London-based Deciwatt has gained a six-figure investment for its innovative light tech.
Its product NowLight features a pull cord which allows the user to generate electricity for the light – the company claims one minutes of pulling on the cord generates up to two hours of light or 15 minutes of talk-time on a mobile phone.
The firm plans to use the funds to bring the product to market quicker.
Deciwatt said it has received new private investment of £450,000 to launch and market its NowLight offering and has also received a £174,000 grant from Innovate UK to develop and trial pay-as-you-go technology for the product.
Deciwatt notes a pay-as-you-go service would enable consumers to purchase the light in small installments via their mobile.
It is designed to combat the global issue of access to electricity, help developing nations move straight to renewable sources of power and remove the dangers associated with using kerosene for lighting, including burns, smoke inhalation and fires.
Chris Skilton, CEO of Deciwatt, said: “This investment will propel us forward, allowing us to grow our business and ensuring our long-term success.”