VP of Sales Rick Racey, CEO and Chairman of the Board Mel Interiano & Dr. Asiri Jayawardena review a new technology in development by Evolucia.
But his tenure at Evolucia has not been without its share of
toward the end of that journey, the market has caught up, as well.
difficulties, and Interiano is not shy about recognizing what he
Prices for large implementations are now at the right level for cities
calls the elephant in the room.
and companies to make the investment necessary to transition to
“When I got here two years ago, it became apparent that we would have to literally reinvent the company from the ground up in order to get back on a competitive footing,” he said. “The company
LED lighting, because they won’t wait as long to see a return on that investment as they would have two years ago.” Independent
studies
back
Interiano’s
reasoning,
too.
at the time was offering products that were almost obsolete, cost way
McKinsey & Company estimates LED market penetration will see
too much to make because we were using contract manufacturing
a 20 percent compound annual growth rate, bringing its market
and our delivery times from purchase order to installation were
share to 64 percent of the $115 billion global market in 2020.
lagging in the 12-16 week timeframe. It was a mess.”
“At the U.S. Conference of Mayors in January, it was clear a top
In the last two years, the company has implemented new
priority for cities is to find ways to save energy, and they identified
product designs, cut most of its product lines cost in half while
LED street and building lighting as low hanging fruit,” he said.
increasing margins and reducing delivery time to 4 to 6 weeks.
“About 30 percent of our cities are making the LED transition a top
“I had a head full of steam when I came on board and thought
priority over the next two years, and 82 percent of mayors believe
we could turn things around faster than we did,” he said. “Has it
that LED lighting holds the most promise for reducing municipal
taken longer than we wanted? Yes. Did the delays make us and our
energy costs. And I have to say I like the timing of them figuring
investors a little anxious? Absolutely. But as we have finally gotten
that out at the same time we can offer what they want.”
EVOLUCIA INC. IS LOCATED AT 7040 PROFESSIONAL PARKWAY EAST, SARASOTA, FL 34240. 941.751.6800 MARKET GROUP: OTCQB STOCK TICKER SYMBOL: iLED scenesarasota.com
March 2014
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