March 12, 2014
Cree Makes The Biggest Thing Since the Light Bulb™ Brighter and More Affordable
Relentless Innovation Enables Price Reductions to Accelerate LED Adoption and Expand LED Lighting Market
In just one year, the Cree® LED Bulb has become the best-selling LED bulb in America, enabling more than $1 billion* in lifetime energy savings for consumers. Cree, Inc. (Nasdaq: CREE) and The Home Depot® (NYSE: HD) are continuing the successful formula of delivering innovative products at a price that gives consumers more reasons to replace their energy-wasting incandescent bulbs by lowering the prices of the Cree LED Bulb product line by as much as 23 percent. To further drive adoption and expand the market, Cree is also introducing the first 100-watt replacement LED bulb to look and light like a light bulb. The new 100-watt Cree LED Bulb delivers no-compromise LED light at a breakthrough price of just $19.97—the lowest-priced 100-watt LED replacement bulb.
“This time last year, we reshaped a 100-year-old lighting industry with the introduction of the Cree LED Bulb. The success of this product has exceeded our expectations, but it is time to push LED lighting to the next level and give consumers even more reasons to switch to LED,” said Chuck Swoboda, Cree Chairman and CEO. “Today we are also addressing the last major product gap for LED bulbs–the 100-watt replacement. Our industry leading innovation has delivered the first true 100-watt LED bulb with the look and performance of a traditional bulb, but at a fraction of the energy consumption.”
"We continue to strive to bring new levels of performance and pricing in LED lighting to our customers,” said Mark Voykovic, Light Bulb Merchant, The Home Depot. “The introduction of Cree’s affordable 100-watt replacement LED bulb will provide consumers the benefits of LED technology at a great price that will end up paying for itself.”
The new 100-watt Cree LED Bulb delivers 1600 lumens while consuming just 18 watts and is available in soft white (2700 K) and cool, daylight (5000 K) color temperatures. Using 82 percent less energy and designed to last 25 times longer, the 100-watt Cree LED Bulb’s common A21 bulb shape and size allows it to fit in nearly any open lighting fixture in the home including floor lamps, reading lights, high ceilings and hallways, unlike compromised CFL alternatives.
Starting today, consumers can purchase Cree LED Bulbs at new lower prices in The Home Depot stores and at homedepot.com/cree. To learn more, visit www.creebulb.com
*Cumulative lifetime savings of purchased Cree LED Bulbs.
Cree is leading the LED lighting revolution and making energy-wasting traditional lighting technologies obsolete through the use of energy-efficient, mercury-free LED lighting. Cree is a market-leading innovator of lighting-class LEDs, LED lighting and semiconductor products for power and radio-frequency (RF) applications.
Cree's product families include LED fixtures and bulbs, blue and green LED chips, high-brightness LEDs, lighting-class power LEDs, power-switching devices and RF devices. Cree products are driving improvements in applications such as general illumination, electronic signs and signals, power supplies and solar inverters.
For additional product and company information, please refer to www.creebulb.com
This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause actual results to differ materially from those indicated. Actual results may differ materially due to a number of factors, including the risk that we may be unable to manufacture these new products with sufficiently low cost to offer them with acceptable margins; the risk we may encounter delays or other difficulties in ramping up production of our new products; the risk that actual savings will vary from expectations; customer acceptance of LED products; the rapid development of new technology and competing products that may impair demand or render Cree’s products obsolete; and other factors discussed in Cree’s filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 30, 2013, and subsequent filings.
Cree® is a registered trademark and The Biggest Thing Since the Light Bulb.™ is a trademark of Cree, Inc.
The Home Depot® is a registered trademark of Homer TLC, Inc.The Home Depot® is a registered trademark of Homer TLC, Inc.