Energy Mad wins US deal
Christchurch-based energy-efficient light bulb maker Energy Mad has secured a deal to supply light bulbs to the world's largest drug store chain, Walgreen.
The contract will start with initial stocking worth about $1.7 million, followed by regular re-stocking orders based on consumer demand.
Revenue from the initial order would be paid in the 2013 financial year, the company said.
Energy Mad currently supplies its Ecospiral light bulbs to the 250-store Duane Reade drug store chain in New York.
In February last year Duane Reade was bought by Walgreen, the world's largest drug store chain with 8200 stores.
The light bulb maker, which listed on the NZX in October last year, had been in discussions with Walgreen to supply the drug store giant with energy efficient light bulbs under a new Walgreen private label brand since late last year.
Energy Mad managing director Chris Mardon said he was pleased Energy Mad had secured a substantial foothold in the US and having nation-wide distribution in the United States through Walgreen would give Energy Mad a "tremendous" boost to secure and deliver electricity utility projects.