Vu1 Gains $500K, Replaces CEO

Vu1, a Seattle-based developer of energy-efficient light bulbs that don’t use mercury, announced today that it has raised $500,000 from Full Spectrum Capital as part of a convertible debt financing agreement. Full Spectrum could choose to loan as much as $7 million. Vu1 also announced the resignation of CEO and director David Grieger, who joined the company in January after 20 years at Tacoma, WA-based Russell Investments, according to Vu1’s website. He is being replaced as CEO by Full Spectrum’s R. Gale Sellers who is also Vu1’s president and founder.

Eric Hal Schwartz was an intern in Xconomy's Seattle office. Follow @

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