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GreenVolts Appoints Executive Chairman
San Francisco, Calif. - April 14, 2009 - GreenVolts, a leader in concentrating photovoltaic technology, today announced that company founder Bob Cart has been promoted to a fulltime position as Executive Chairman. Mr. Cart will also serve as Chairman of the Board of Directors.
In this new role, Mr. Cart will focus on the strategic vision and direction of GreenVolts. This will include work on government relations and strategic alliances. Chief Financial Officer Gary Beasley has assumed the additional responsibilities of President and Chief Executive Officer on an interim basis.
“We are at a natural evolution point in the maturation of this company, and it made sense to allow others to focus on the day-to-day operations of the company so that I could keep my eyes trained on the broader vision and future for GreenVolts,” said Mr. Cart.
“This new role is perfectly suited to Bob’s expertise and vision,” said Brian Hinman, a member of the GreenVolts Board of Directors. “We are excited that in this way he will be better able to share the GreenVolts story with a much larger audience. We are also very confident in Gary’s ability to help the company accomplish its agenda over the next stage.”
Mr. Cart founded GreenVolts in 2005 after several successful stints as a founder and Chief Executive Officer at a number of other ventures. He developed the technology and business plan behind GreenVolts after maintaining and troubleshooting commercially available solar panels used for his sea voyage from San Francisco to New Zealand.
The company’s innovative approach to concentrating photovoltaics has been well received within the solar industry. GreenVolts has a power purchase agreement with Pacific Gas & Electric for a two megawatt pilot facility in Northern California. GreenVolts has also raised $44 million to date, and recently announced an agreement with the National Renewable Energy Laboratory to co-develop a next generation solar cell.
“I look forward to working closely with Bob and the rest of the team as we continue to make progress on his vision for GreenVolts,” said Mr. Beasley. “As a company, we will remain focused on making significant improvements to our technology, advancing our solar cell initiative with NREL, and building the most talented team in the industry.”
Mr. Beasley has served as GreenVolts’ CFO for the past year. Previously, he was President and Chief Financial Officer for ZipRealty, Inc., where he helped develop and execute the company’s innovative business model while leading it through a successful IPO. Prior to that, Mr. Beasley was with KSL Resorts, a luxury resort affiliate of Kohlberg Kravis Roberts & Co., where he helped negotiate and execute nearly $800 million worth of acquisitions. In addition, he holds a BA in Economics from Northwestern University and an MBA from the Stanford Graduate School of Business.
About GreenVolts
GreenVolts, Inc., based in San Francisco, was founded in 2005 to deliver solar power at costs competitive with that derived from fossil fuels. The company’s concentrating photovoltaic technology efficiently integrates tracking and optics into a system that lowers the cost of energy. In addition, the low-profile tracker design minimizes issues associated with wind loading and eliminates the need for concrete supports to allow for rapid deployment. Through low cost, high efficiency systems, the company can access large new markets.
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