Romanian LED producer targets new market segment with futuristic lamp developed in-house

Romanian electrical equipment manufacturer Electromagnetica, one of the largest producers of LED lighting systems, recently launched its first LED lamp for residential use. A 28-year old Romanian designer, Demetrius Tanase, created the futuristic lamp concept, called IGREGO. The company, which has been producing LED lighting systems for public, industrial and commercial use thus made the first step in the residential lighting systems market. The first batch of Y-shaped LED lamps will be available on the Romanian market in April. “Electromegnetica’s entry into this new segment is part of our strategy to develop this business line, in which we already have a five-year history. We have become one of the leading actors in the Romanian LED lighting market on the industrial and retail segments so the new development line is a natural step,” said Eugen Scheusan, Electromagnetica’s general manager. He added that the company will launch a new model for the residential segment in a few months. The IGREGO lamp has three adjustable arms that can be rotated 365 degrees, which allows the users to direct the light output according to his needs. The lamps are also modular, which means they can be interconnected to form larger systems. This feature allows to power up to six interconnected lamps with one power source. Each IGREGO lamp has 12 one-watt LEDs in total. It is best suited for living rooms, libraries, restaurants and work spaces. The whole project was designed and developed in Romania. Electromagnetica estimates that this will be one of the company’s top exports. The company last year sold LED lighting systems worth almost EUR 10 million. It plans to invest EUR 1.5 million this year to acquire and develop new technology, and to increase its sale capacity. Its primary targets on the lighting equipment market are public lighting and exports. Electromagnetica is one of the biggest companies in Romania’s electrical equipment industry and one of the few local producers which managed to reinvent itself after the fall of the communist regime. The company continued to produce electrical equipment, but also entered new business segments. It currently gets the largest part of its revenues from electricity trading and supply services. Electromagnetica had a turnover of just over EUR 100 million, 10% higher than in 2013, but its net profit halved, to EUR 1.7 million. The company’s major shareholders are the Employees’ Association PAS Electromagnetica which holds almost 30% of the shares and investment fund SIF Oltenia, with a 25% stake. The company’s shares are floating on the Bucharest Stock Exchange, with the ticker ELMA. Its market capitalization was EUR 30 million, as of March 31. Andrei Chirileasa, andrei@romania-insider.com