Albeo Technologies, a leader in solid-state LED lighting solutions for industrial and commercial markets, announced today it has raised a total of $8 Million in Series C equity and debt financing. The equity investment was led by Braemar Energy Ventures, and was joined by existing investor Green Spark Ventures. Silicon Valley Bank provided a working capital financing line. Additional details of the transaction were not disclosed.
The funding allows Albeo to increase both the breadth of its LED lighting portfolio and depth of its channel presence. The new capital will also create a stronger financial base that allows the company to continue its rapid, sustainable growth.
“We are extremely proud to become part of the Braemar team,” said Jeff Bisberg, CEO of Albeo. “With Braemar’s existing portfolio and network in the LED and lighting sector, their strategic partnership will be invaluable in helping Albeo better support the lighting needs of our customers. We look forward to continuing our current trajectory of growth and are excited about potential future opportunities.”
According to an August 2011 survey report by McKinsey & Company, LED lighting revenues are predicted to be close to 60 percent of overall global lighting market revenue, equating to around EUR 110 billion by 2020. Albeo is well positioned for rapid growth as demand for LED lighting in industrial and commercial lighting markets accelerates. Albeo’s products meet the needs of the lighting marketplace by providing customers LED solutions that are fully customizable before and after installation, while also reducing energy and maintenance costs. Its suite of products offers energy savings up to 95 percent and a ROI of one-to-three years. Albeo products range from high bay and low bay solutions, linear, surface mount and under cabinet fixtures, among others.
“We are excited about Albeo’s innovative approach to LED lighting, and are pleased to have the company as part of the Braemar family,” said Dennis Costello, Managing Partner at Braemar Energy Ventures. “Given the projected increase in the pace of change within the lighting market, we see a great opportunity with Albeo as they showcase the expertise and dexterity needed to respond quickly to customer needs, giving them a natural advantage within the industry. We are excited about future opportunities and the expansion of Albeo’s market presence and product offerings.”
About Albeo Technologies
Albeo Technologies is a leading LED Lighting manufacturer for industrial and commercial buildings, such as cold storage, data centers, retail, schools and commercial buildings. The Albeo products range from high bay and low bay solutions, to linear, surface mount and under cabinet fixtures. The company has lit over 7 million square-feet of space to date and have won 16 independently-judged awards, including 5 from the US Department of Energy (DOE). Albeo’s fully customizable, reliable and low-maintenance LED lighting products offer energy savings up to 95% and an ROI of 1-3 years. For more information, please visit http://www.albeotech.com.
Braemar Energy Ventures is a venture capital fund making early- to mid-stage investments in the energy technology sector. The firm’s principals have invested in more than 60 companies in the sector and have more than 100 years of combined technical, operational and financial experience in energy and energy-related industries. Braemar partners with exceptional companies and management teams, in both alternative and traditional energy markets, that can contribute to a more profitable and efficient energy landscape through innovation and marketplace expertise. Additional information is available at www.braemarenergy.com.
About Green Spark Ventures
Green Spark Ventures is a Denver-based venture capital firm that invests in the Cleantech Sector and seeks to provide funding to start-up and early-stage companies producing renewable energy and energy-efficiency technologies. The firm targets innovative products or services that have the potential to make transformational advances in our energy economy. For more information, please visit: http://greensparkventures.net.
About Silicon Valley Bank
Silicon Valley Bank (Nasdaq: SIVB) is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 26 U.S. offices and seven international operations.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.
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