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Delhi-based inverter and battery maker Luminous Power Technologies has landed funding of $20.3 million from CLSA Capital Partners. This is the first round of institutional funding for Luminous, which makes power inverters, batteries, water purifiers and so on.

The stake diluted is undisclosed. CLSA Capital Partners is the manager of Aria Investment Partners series of pan-Asian private equity funds of CLSA.

Luminous Managing Director Rakesh Malhotra told the media today that the capital would be used for for increasing the company's reach and also for the manufacture of renewable energy storage devices. The company apparently wants to launch devices which can convert and store renewable energy like wind or solar energy into a form usable by the consumers. This may be launched by the first quarter of 2008.

The company claims to have a turnover of Rs 275 crore for 2006-07. It has three manufacturing facilities in Himachal Pradesh.

It may be recalled that in February 2006, Sukam, a Delhi-based rival of Luminous, had landed $10 million funding from Reliance India Power Fund - a $200 million private equity fund sponsored jointly by Anil Dhirubhai Ambani Group and Singapore-based Temasek Holdings (Temasek). They picked up 20 per cent in the company, which had revenues of Rs 200 crore then.

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