Recently, Bridgelux is announced to receive $60 million in venture capital -- funding ,aiming to bolster the East Bay cleantech company's quest to develop cheaper LED.

According to the company, silicon-based production could slash the cost of LEDs by 75 percent. Therefore, instead of producing LEDs on more expensive sapphire surfaces, it hopes to use the cash to develop LEDs on silicon surfaces.

The company's products include LED chips that deliver electrical impulses to activate a light bulb or other lighting device. Currently, it has raised $180 million in venture funding.