CEO, CFO and CSO to Drive Company's US Manufacturing Ramp-up
February 4, 2009
Austin, Texas, USA
Austin, Texas - February 4, 2009 - HelioVolt Corporation, a producer of highly efficient thin-film solar energy products, today announced additions to its executive management team as the company builds out its US manufacturing capacity. Board member Ron Bernal has been appointed as interim chief executive officer and Sanjeev Kumar, the former CFO of Energy Conversion Devices, Inc. (ECD) (NASDAQ: ENER) has joined the company as chief financial officer; founder Dr. BJ Stanbery will serve as chief strategy officer and chairman of the board. The board will conduct an international search for a permanent CEO to lead the company in its next phase of growth as a manufacturer of thin-film photovoltaic (PV) modules.
"As HelioVolt shifts into high gear as a US manufacturer of solar energy products, the complementary experience of HelioVolt's management team speaks volumes to the value we are building for our company, partners, and present and future investors," said Scott Sandell, HelioVolt board member and NEA general partner.
Added Dr. Stanbery, "As the company continues to expand, the additional skills of our management team will support our aggressive plans to manufacture and commercialize thin-film PV modules and BIPV products for global markets."
Bernal, a HelioVolt board member since 2007 and partner at Sequel Ventures, will direct the company as it transitions from the development of its proprietary thin-film solar manufacturing process to full-scale commercial production. Bernal has previously served as a venture partner at Sutter Hill Ventures and as vice president of operations for the product technology groups at Cisco Systems (NASDAQ: CSCO).
Kumar will lead HelioVolt's overall financial growth while providing further organizational and strategic support to the company. Kumar commented, "I am particularly excited by HelioVolt's proprietary thin film manufacturing technology that enables low-cost, robust solar solutions that can scale to meet the world's energy needs."
In Kumar's prior tenure as chief financial officer of ECD, ECD commercialized new technologies, reached profitability, completed a major capital raise, and delivered significant value to shareholders. Kumar also serves as a board member for Solar Integrated Technologies, Inc. (AIM:SIT.LN), a designer, manufacturer and installer of building integrated photovoltaic products. Kumar has over 15 years of experience in global energy markets and spent nine years with Occidental Petroleum Corporation in Los Angeles.
Dr. Stanbery, who founded the company in 2001, will continue to play a key role as the new CSO and chairman of the board. In 2007 HelioVolt closed a $101 million series B funding round with investments from the Masdar Clean Tech Fund, New Enterprise Associates, Paladin Capital Group and Sequel Ventures, among others.
HelioVolt Corporation was founded in 2001 in order to develop and market new technology for applying thin-film photovoltaic coatings to conventional construction materials. The company's proprietary FASST® process, based on semiconductor printing, was invented by HelioVolt founder Dr. Billy J. Stanbery, an eminent expert within the international PV community in the materials science of CIGS and related compound semiconductors. FASST® is a low-cost, flexible manufacturing process for CIGS synthesis and is protected by both fifteen issued US and foreign national patents and by numerous additional global patents pending. For additional information, visit www.heliovolt.com.
Noventi® is a registered trademark of Noventi LLC.