Evolucia finalizes partnership with Mexican company to sell LED products
SARASOTA — Evolucia, a Sarasota-based lighting systems firm, has officially entered Mexico.
The company, in a letter to shareholders, says it's finalized a partnership with Orsam Mexico, one of the largest lighting companies in the world. Evolucia, which specializes in developing and marketing light emitting diodes, or LEDs, intends to bring its LED Cobrahead fixture to Mexico, writes CEO and Chairman Mel Interiano.
“Currently, there is an estimated 20 million streetlights in Mexico with a market potential of $6 billion based on current prices,” Interiano says in the letter. “We are working diligently with Orsam in our hope to potentially deliver tens of thousands of these new LED Aimed Optics Cobrahead fixtures to Mexico over the coming months. Importantly, all development work for these products has been completed, and the fixtures are now being manufactured for delivery and installation onto roadways in Mexico beginning this year.”
Evolucia, formerly called Sunovia Energy Technologies, has struggled for several years in terms of profitability and leadership. It's lost more than $40 million since 2009, and Interiano is the third CEO since August 2010.
But Interiano, in the letter, is confident the company has a bright future. For one, Interiano says the firm has just started to work through a $24 million backlog of LED fixtures. Says Interiano: “My objective is to build a durable, lasting, global platform capable of supporting at least $200 million in annual revenues in the short term with the ability to expand over the long term.”