SOURCE: Albeo Technologies

February 20, 2008 10:13 ET

Albeo Technologies Closes VC Investment Round to Fund Accelerating Growth

$1.5M Round Led by Green Spark Ventures, LLC

BOULDER, CO--(Marketwire - February 20, 2008) - Albeo Technologies, Inc. (www.albeotech.com), a fast-growing company specializing in solid-state lighting, received a $1.5M equity investment from an investment group led by Green Spark Ventures, LLC, a new Denver-based cleantech venture fund. This completes Albeo Technologies' first round of venture capital financing, and the new capital is targeted at market and product expansion.

Albeo Technologies designs, manufactures, and markets white light emitting diode (LED)-based systems for commercial and industrial institutions. The company's products provide a wide range of benefits that are unavailable from traditional lighting technologies including: reduced energy consumption, zero maintenance cost, no hazardous materials, and reduced heat loads, all while providing the highest quality of illumination.

"There is a pent-up demand for low-maintenance, high-efficiency lighting systems that reduce corporate operational costs. Albeo's superior products meet that need and the company is seeing broad customer confirmation that they have hit the mark," said Dave Ryan, managing director for Green Spark. "We are delighted to invest in a company that is reducing operational costs and the carbon footprint of global industry. Albeo's solid state lighting fixtures offer cost-effective real-world solutions to the environmental problems we face today."

"Albeo has achieved a lot in less than three years, including successfully launching four major product lines, ramping production to ship over 20,000 units to date, and developing multiple patents," said Jeff Bisberg, Albeo Technologies' president and CEO. "We see wide spread acceptance for our LED lighting solutions and with Green Spark's investment we now have the capital to accelerate our growth." Albeo will be presenting at the 2008 Venture Capital in the Rockies conference Feb. 27th, 2008.

Albeo Technologies Inc. manufactures high quality, long-lasting solid-state lighting products for commercial and industrial facilities that save energy, reduce maintenance costs, and are safe and easy to install. Based on advanced electro-optic technologies, Albeo's reliable lighting fixtures provide superior performance at lower costs than competing technologies. Albeo's management team has decades of experience in solid-state product development and manufacturing, and continues to deliver new products that enable users to better control their total operating costs. For more information, product briefs, and specifications, visit www.albeotech.com or call toll-free +1 (866) 825-5420.

Green Spark Ventures is an investment fund targeting early to expansion-stage companies with products or services in the renewable/alternative energy or clean technology arenas. Green Spark prefers to look at companies with strong growth and profit potential, with a clear exit strategy for participating investors. Early stage deals with potential for long-term capital appreciation (3-7 years) are preferred. Companies should be located in Colorado and be seeking capital in the range of $500,000 to $2,000,000. Interested companies should contact Dave Ryan at dave@greensparkventures.net.