General Electric is becoming more fully ensconced in the Middle East. In addition to committing to developing a major hub in Masdar City – one of this region’s mostly widely publicized sustainability projects – the American company recently announced plans to set up a major R&D center in the Israeli city Haifa.
GE is also expanding its technological base by engorging itself on a slew of cleantech companies. According to GigaOm, Lightech, which specializes in LED and low-voltage halogen lighting systems, is the latest company to join the ranks of GE acquisitions in a deal that could cost the electrical supply corporation a cool $15 to $20 million.Lightech has been perfecting its lighting technologies for twenty years. Their high-efficiency LED drivers are especially valuable since they provide LED bulbs with a steady source of current, thereby reducing the variability that tends to plague this yet-to-be-perfected lighting technology.
Katie Fehrenbacher points out that GE is keen to reduce the costs of their LED technology, as well as improve their functionality. By incorporating the enormously successful Lightech into their portfolio, they should be able to do just that.
In the first half of 2010, Lightech reported a net profit of $800,000, and overall sales of $20 million in 2010.
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