An investment in a Stamford light manufacturer, earned the state’s quasi-public financing entity $600,000 upon the sale of the company.
Connecticut Innovations invested a total of $1.1 million in Solais, which makes LED light fixtures and lamps, and received at the sale’s closing $1.7 million in cash and stock.
CI provides debt, equity and bond financing to startup and growing companies using previous returns on investments.
PowerSecure International Inc., a leading provider of utility and energy technology based in North Carolina, bought the company for $15 million. It plans to keep Solais’ Connecticut office and 10 employees in Stamford.
“We are particularly happy that the purchasing company has indicated that they expect to keep the Solais Connecticut team in place,” CI officials said in a statement. “Acquisitions are an exciting time for entrepreneurs—and further validation that our process of identifying companies we think will be successful and helping guide their growth is right on track.”