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GE to Buy LED-Lighting Fixture Maker Albeo Technologies

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Nov. 26 (Bloomberg) -- General Electric Co.’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

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