Bloomberg News

GE to Buy LED-Lighting Fixture Maker Albeo Technologies

November 26, 2012

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.

To contact the reporter on this story: Ehren Goossens in New York at egoossens1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net


We Almost Lost the Nasdaq
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

Companies Mentioned

  • GE
    (General Electric Co)
    • $26.02 USD
    • 0.04
    • 0.15%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus