GE (s GE) continues to see a bright spot in LED technology. On the heels of the announcement of its investment in LED cooling startup Nuventix last week, GE announced on Monday afternoon that its lighting division, GE Lighting, plans to buy Israeli LED power supply company Lightech.
Terms of the deal were not disclosed. But Israeli media Globes reported the deal as between $15 million and $20 million. Globes also reports that for the first half of 2010, Lightech had a net profit of $800,000, and revenues of $10.6 million, while revenue for the full year of 2010 was about $20 million.
Lightech makes LED and halogen power supplies, including high-efficiency LED drivers, dimmable drivers, and low voltage halogen transformers. LED drivers are a technology that provide LEDs with a constant current source, which cuts down on the variability of the LED light, reduces inconsistencies, and also makes powering LEDs more efficient.
GE has been interested in LED technology that can help it reduce the cost of LEDs, and also provide more functionality for its customers. GE already sells LED tech, components and whole lighting systems to commercial and industrial firms, and has developed an LED bulb that can replace a 40-watt incandescent bulb, consumes 9-watts, lasts 17 years (at four hours a day), and will cost between $40 and $50 at retailers.
Lightech is already an established player in the LED driver space, and competes with companies like MagTech, and LUXDrive. Pike Research has predicted that by 2020 LEDs will make up nearly half (46 percent) of the $4.4 billion U.S. commercial lamp market.