NZ eco-bulb company in deal to light New York

NEW YORK: Kiwi eco-bulb company Mad Energy is lighting up the Big Apple one bulb at a time.

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A Christchurch eco-bulb company has secured a US$500,000 (NZ$695,450) government deal to sell subsidised light bulbs to New Yorkers.

Energy Mad started selling 200,000 eco-spiral bulbs through New York's biggest drug store chain, Duane Reade, last week, backed by a subsidy deal with the New York State Energy Research and Development Authority.

"They've been selling really well so far, which is great," Energy Mad director Tom Mackenzie said yesterday. "This is a big one for us and we hope it will lead to much bigger projects in New York."

The deal means New Yorkers are offered the five eco-bulbs for US$10, which could save a household US$980 a year.

"We estimate that this may help New Yorkers save enough electricity to power Yankee Stadium for 10 years."

Energy Mad already has already run 32 similar projects in New Zealand, partnering with government organisations and electricity retailers to sell subsidised bulbs through supermarkets. It was judged one of New Zealand's fastest growing companies by Deloitte in 2007.

In 2008, a $7 million deal to sell eco-bulbs to India was scuttled because of the global financial crisis but Mr Mackenzie said the crisis had mostly been a windfall for the company, as it cashed in on government stimulus packages. "We are still forecasting a great deal of growth."

The company has sold 5 million eco-bulbs since it was formed in 2004, branching into Europe, Australia and the United States. It employs 45 staff, most of them at its Christchurch headquarters.

Founders Mr Mackenzie and Chris Mardon still own two-thirds of the firm but are looking for more private investors to finance expansion. "We are looking for a couple of million dollars."

The company also planned to float with an issue of shares to the public in the next two years.

- © Fairfax NZ News