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