General Electric Co. (GE:US)’s lighting unit has agreed to buy closely held Albeo Technologies Inc., a maker of energy efficient light-emitting diode fixtures.
GE Lighting will acquire Boulder, Colorado-based Albeo to add its fixture portfolio and enhance its offerings to its commercial customers, the East Cleveland, Ohio-based unit said today in a statement. Financial terms weren’t disclosed.
Customers want GE-quality LED systems in “as many areas as possible” because “the energy and maintenance savings opportunities are huge,” said Jeff Bisberg, chief executive officer of Albeo in an e-mailed response to questions.
Albeo will better serve customers “moving aggressively toward an all-LED building envelope in new construction and retrofits, including retail, commercial and industrial high-bay applications,” GE Lighting Chief Executive Officer Maryrose Sylvester said in the statement.
The company raised about $12.8 million over the last five years from investors Green Spark Ventures LLC, Braemer Energy Ventures and Silicon Valley Bank, Bisberg said.
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