GreenAngel Energy Corp.

GreenAngel Energy Corp.

March 18, 2010 00:01 ET

GreenAngel Energy Companies Raise $6 Million

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 18, 2010) - GreenAngel Energy Corporation ("GreenAngel") (TSX VENTURE: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


Mike Volker, President, CEO and Director

Disclaimer for Forward-Looking Information

Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company's listing of its common shares on the TSX Venture Exchange. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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