Fomo Corp. has acquired the assets of Independence LED Lighting (ILED) for about $2.5 million.
ILED is a manufacturer of grow lights for indoor farming and has recently been using its lighting to retrofit vacant commercial buildings to indoor grow farms for lettuce, microgreens and other vegetables. Additionally, the lighting could be used in the cannabis market for horticultural lighting.
Some of the big projects ILED has worked on include light emitting diode (LED) lighting installations for Morgan Stanley’s corporate headquarters in New York City, MetLife’s offices and other small businesses and military bases.
“As schools, businesses, and government facilities across the country and around the world push to reopen and stay open safely, COVID-19 protocols have added significantly to operating costs,” said Charlie Szordai, CEO of ILED. “The installation of LED lighting dramatically reduces operating costs.”
Market research firm Statista said there has been a massive acceleration in commercial adoption of LED lighting from an estimated 1% of total-installed lights in 2010 to more than 60% in 2020. The global LED light market size was valued at $54 billion in 2019 and is expected to growth at a compound annual growth rate (CAGR) of 13.4% from 2020 to 2027, according to Grand View Research.
Fomo said it will combine the assets of ILED with its planned acquisition of Ecolite LED Holdings and will create an indoor agriculture division to target the North American market for vegetables and cannabis.