Albeo shines bright light on sales

BOULDER — Even in tough times, there always will be companies with bright futures.

That has proved to be the case for Albeo Technologies Inc., a Boulder-based company that designs and manufactures light-emitting diode, or LED, lighting systems.

2011 proved to be a very big year for Albeo. The company’s revenue increased to nearly $10.6 million, a more than 51 percent increase from 2010 sales of $7 million and a 427 percent increase from the $2 million the company sold in 2009.

Albeo’s growth earned it the No. 1 spot on the Boulder County Business Report’s Mercury 100 list of fastest-growing private companies based in Boulder and Broomfield counties with annual revenue of more than $2 million.

Albeo’s momentum carried over into this year, when it announced it has raised $8 million through investment from venture capitalists and a debt financing. Albeo also has been racking up industry awards, including a recent award sponsored by the U.S. Department of Energy for being the industry’s best high-bay lighting option.

Jeff Bisberg, Albeo Technologies’ CEO, said the surge is “a perfect storm” of several factors.

The first is that the technology is rapidly advancing while the cost is dropping. The quality of the light that LED systems produce has improved, and Albeo is able to improve the efficiency of its products by 30 percent every year.

LED systems are steadily gaining market share over traditional fluorescent and halogen systems.

“LED is the first technology people think about now,” Bisberg said.

The technology is getting less expensive, too. Not long ago, equipping a workspace with LED fixtures cost about six times as much as traditional options. Now, the multiplier is down to three, making the difference much easier to offset with electric bill savings.

While the construction and renovation market remains affected by the recession, green building is a growing market share, Bisberg said.

Even with Albeo’s growth, there’s a chance the company’s days on the Mercury 100 list are nearing the end. With venture capital on board, the company could be destined for an IPO or a takeover from a larger competitor.

Bisberg declined to go into specifics about that, but he said he would like to see more IPOs for the clean-tech industry.

“We think there’s a need for clean-tech companies on the public market,” Bisberg said.

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