GreenAngel Energy writes down Light-Based Technologies investment

GreenAngel Energy Corp has decided to write down its $390,000 investment in Light-Based Technologies Inc, a developer of LED drivers and control technologies for the solid state lighting industry. GreenAngel, a Canadian angel organization that invests in early-stage clean technology, said it made the decision because the company has received no acquisition or investment offers and "is rapidly running out of cash." Founded in 2004, the Vancouver-based Light-Based Technologies has raised approximately US$17 million in venture capital funding since 2010. Its other investors are Chrysalix Energy Venture Capital and VantagePoint Capital Partners.

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