Cree's Bright Idea: Brand Its Own Light Bulb
Cree technology is in all types of lighting panels and fixtures, but now the Durham-based company has branded its own light bulb. Cree says its LED light bulb is a big deal. Mike Watson is a spokesman for Cree.
“Our tag line is the best thing since the light bulb and we believe it. And we believe with the release of the Cree LED bulb we fundamentally are changing the way people use and view light forever,” said Watson.
"The basic description is very simple. We wanted to build something that looks like a light bulb, that lights like a light bulb, but only works better."
Wall Street agrees. Goldman Sachs maintains its buy rating of Cree stock and even increased the price after yesterday’s announcement. It’s too early to know what customers say, but analysts like the bulbs’ 10 year warranty.
The new LED bulbs look like a traditional light bulb, but cost a lot more. The Cree bulbs range from $10 to $14 each, but the company says the bulbs quickly pay for themselves, lasting 25 times longer than the regular incandescent light bulb. For now, the bulbs are exclusively being sold at The Home Depot.