LED Roadway Lighting Ltd., a Halifax-based manufacturer of LED-based street lighting and wireless controls, announced today it has raised $9.5 million in equity funding, most of which has come from Founder and CEO Chuck Cartmill.

The company said $1 million of this investment comes from the conversion of debentures held by Nova Scotia Business Inc. into equity.

Cartmill said the investment will be used for working capital and the financing of inventory and for a reorganization of the company’s manufacturing facility in Amherst, N.S. But much of the call with reporters focused on his disappointment with Halifax Regional Municipality’s rejection of a buy-local policy and the need for Nova Scotia to back its own innovative companies.  He revealed the company’s management committee has even discussed moving.

“The commercialization of research is really key,” he said when asked a question relating to economic development.  “What we have to focus on is the need for long-term sustainable export businesses. We could have multiple Michelins with the right kind of support and I think LED Roadway Lighting could be one of them.”

LED Roadway, which now employs 155 people, has developed a fixture for LED-based highway lighting whose targeted luminance is 40% better than leading competitors. In the past few years, it has branched into smart lighting controls and is working closely with New Brunswick Power on the development of its smart grid.

The company now has sales in more than 37 countries, and its key markets are North America, the Caribbean, Latin America, the U.K., and Australia. It has experienced annual average sales growth of 48 percent for the each of the past three years and continues to show significant growth, said the company.

LED Roadway has recently landed projects in such markets as Aruba in the Caribbean and in Thunder Bay, Ont. Last month, its latest generation fixture, the NXT-S was selected as “Best in Class – Local Residential” in the Next Generation Luminaires Design Competition.

The company is continuing to work on the optical abilities of its products and maintaining its lead in targeted luminance and on smart controls. Not only can its controls help utilities reduce energy consumption, but there are ancillary applications that could cut costs and improve efficiencies in several ways. Because street light fixtures are so high, they could send signals to surrounding houses and buildings and be used for remote readings of water, electricity or gas meters or even parking meters. The result could be greater efficiency and lower costs.

“I think NB Power is global leader in smart grid,” said Cartmill. “They’ll be able to balance supply and demand and we don’t see anyone in the world who is as far along on smart grid as NB Power. “ He expressed regret that his Halifax-based company isn’t working on similar projects at home.

Cartmill said his own frustrations with the Halifax municipal government “makes me feel like packing my bag in Halifax.” Asked if he was seriously considering leaving Halifax, Cartmill said the comment was only partially spoken in jest because LED Roadway could settle in other cities or states and receive preferential treatment as a local company. The matter has been discussed at the company’s management committee, but he added he feels loyalty to the town of Amherst and to Nova Scotia.

LED Roadway Lighting previously secured $11.6 million in funding in June 2012 from Nova Scotia Business Inc., Cycle Capital of Montreal and Cartmill.