Navid Dean has launched Solar Street Lighting in a bid to reduce carbon emissions and high electricity costs through its energy-saving wind-solar hybrid street lighting system.
The business is a joint venture with Gloria Technology, based in China.
Navid has invested £1.5m into the business, helping to acquire premises in the Ivy Business Centre in Failsworth. The 30,000 sq ft space includes an office, showroom and distribution centre.
For the past 30 years, the experienced venture capitalist has invested in a number of well-known commercial and residential properties in Manchester through Supreme Finance, his private equity firm.
Navid said: “Solar Street Lighting is dedicated to providing clean, affordable, sustainable, high quality street lighting that is totally off grid and free of day-to-day running costs.
“In the UK alone over 4 billion KWh of electricity is consumed by street lighting every year, costing approximately £500m and resulting in over 1.9 million tonnes of carbon dioxide being produced.
“By combining wind and solar power with high efficiency LED lighting, our street lighting solution will help to dramatically cut energy bills and reduce carbon emissions.”