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Energy Mad gets $1m loan facility

NZN 31/05/2016 Jonathan Underhill

Lightbulb maker Energy Mad is getting a $1 million loan facility from investor NZX's SuperLife to provide working capital and fund expansion in Australia.

Australian sales jumped 82 per cent to $6.2 million in the year ended March 31, while the company's annual loss narrowed to $1.3 million and it projected an operating profit for 2017.

Energy Mad sells its energy-efficient LED and compact fluorescent Ecobulbs to Australian customers through state government energy efficiency schemes in Victoria, South Australia and the Australian Capital Territory.

The one-year $1 million loan expands SuperLife's support for Energy Mad which owns 45 per cent of the company.

It also has a $2.5m convertible notes agreement dating from early 2014 and a two-year $500,000 loan facility agreement.

The shares last traded at 6 cents and have jumped 50 per cent this year. The stock traded at more than $1 in late 2011.

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