(Vancouver, BC, March 18, 2010) GreenAngel Energy Corp (“GreenAngel”) (TSX-V: GAE) reports that Delaware Power Systems Inc (“DPS”) and Light-Based Technologies Inc. (“LBT”), two of its investee companies have closed financing rounds totaling $6 million dollars.
DPS closed a Series A round of $4 million at 50 cents per share, lead by Morningside Technology Venture based in Boston, MA. Four other groups of investors (institutional and private) participated in the round. To date, DPS has raised over $7 million since inception. GreenAngel holds 965,000 shares in DPS. The funding will allow DPS to continue with commercializing its Integrated Battery Platform™ that enables electric vehicle power train components to interconnect and be intelligently managed as a single system.
LBT closed a Series A round of $2 million at 25 cents per share. Vancouver-based venture capital firm, Chrysalix Energy, led the round followed by GreenAngel and other angel investors. GreenAngel holds 1,560,000 shares in LBT. The funding allows LBT to launch its new LB4 family of integrated circuit chips for the control of Solid State Lighting (SSL) products at Light+Building 2010, the world’s largest lighting trade show to be held next month in Frankfurt, Germany.
About GreenAngel Energy
GreenAngel Energy Corp. is a green energy technology company. Our focus is commercializing new technologies that produce renewable energy, improve energy efficiency, or use renewable energy resources such as water, wind and solar. We also work with companies that deploy or manage technologies and processes that reduce greenhouse gas (GHG) emissions. In addition to providing strategic capital to investee companies, GreenAngel also provides business and advisory services to help ensure these companies achieve commercial success. The firms include Delaware Power Systems, Light-Based Technologies, Habitat Enterprises, Rapid Electric Vehicles, DPoint Technologies, and Paradigm Environmental Technologies. For more information, please visit www.greenangelenergy.ca.
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ON BEHALF OF THE BOARD
President, CEO and Director
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