On 13 AUG, EdisonReport confirmed that Envirobrite had closed their doors. In that article we reported that there were two other companies that were on the brink. We can confirm one.
Today we are told that Noribachi has sold their assets and those assets were acquired by a newly launched company, Lumination Lighting and Technology. In a press release sent to the EdisonReport, Lumination said they are focused on designing and manufacturing industrial lighting solutions, including high-bay and low-bay area lights, wall packs, and bollards.
The company is led by CEO, Francisco (Paco) Palop, who has over 20 years of experience in the LED lighting space and has served as CEO, COO, VP of Operations and VP of Sales and Marketing of several lighting companies including US Pole and Future Lighting.
Buying the assets of a company is tricky and it always begs the question, what happened to the liabilities? It is interesting that the phone number for Noribachi is the same for Lumination. But the website is different and the old Noribachi site does not forward. I would have done the opposite. Curiously the press release claims that Lumination already has 30,000 completed projects worldwide. Either they are very fast, or they are claiming the 30,000 projects from Noribachi. Will they be responsible for the warranty work on those 30,000 jobs? I don’t think you can claim the projects unless you are responsible for the warranty.
A company spokesperson told EdisonReport that they are staffing the new company now and will have more details soon. The company is owned by private equity firm, HCAP Partners,
Visit their website at www.lumlighttech.com
Developing…