China Nuvo Solar Introduces Operating Leadership Structure for Lithium Ion Battery Acquisition Freya Energy
04/05/2011 | 07:05am
China Nuvo Solar Energy, Inc. (OTCBB: CNUV) today
announced an expanded organization structure and leadership team to
support the planned acquisition of Freya Energy Inc. The Company will
continue to trade under the stock symbol "CNUV" with Freya Energy
becoming a wholly owned subsidiary of the alternative energy parent
subject to final definitive agreements and customary closing conditions.
"We are extremely motivated and determined to complete this acquisition
of Freya Energy at the earliest possible date, and have already received
strong indications of interest on both the banking and partnership side
for Freya Energy's patented lithium battery technology. We believe
through the combined efforts of the management teams of both China Nuvo
Solar and Freya Energy and the proprietary lithium technology, we will
soon be a recognizable force and meaningful competitor within the
renewable energy sector," stated Henry Fong, CEO of China Nuvo Solar.
The Team
Richard Fox, the CEO of Freya Energy, is a serial entrepreneur with over
twenty years of experience in the creation of new companies in the
energy, defense, and aerospace sectors. Richard spun-out an operation
from Westinghouse, and led a team to develop one of the first machine
vision systems. He sold that operation to Gould Modicon. Richard
repeated that cycle as the President of the Central Florida Innovation
Corporation, where he guided the launch of several companies in the
image processing and telecommunications industries. More recently,
Richard organized the formation of a semiconductor materials processing
company, and the spin-out of Freya Energy.
Richard has been active in the funding process for early stage
companies. He served on the Florida Seed Capital Board, and is a member
of the board of the National Association of Seed and Venture Funds.
Richard earned his B.S. degree in physics from M.I.T. and holds 14
patents on energy management and industrial processes.
Dr. Andrew James Manning, Freya's COO/CTO, is a hands-on engineer with
an extensive background in development, scale-up, manufacturing and
business. Dr. Manning was formerly CMO of Planar Energy. He also served
as the Director of Engineering of Electro Energy, where he succeeded in
achieving production and sales of quality product from the only fully
automated high volume plant in the U.S. (located in Gainesville, FL).
Prior to that, he was President, COO, and CTO of Lithium Technology, and
Managing Director of GAIA where he led the business from a $500K R&D
shop to a $4.5M early stage manufacturing operation. Jim is known for
developing ruggedized cells that qualified for the Atlas V launch
vehicle and for the development of pressure tolerant cells that powered
the Phoenix X-Bot that took the photos of the Titanic. Dr. Manning
earned his PhD and undergraduate degrees in Chemical Engineering from
Cornell University.
Tim Coyne, CFO of Freya Energy is a senior financial executive with
expertise in finance and operations at both public and private
companies. His experience spans energy storage and the financial
operations of major corporations such as the Coca-Cola Bottling Company
of New York, Inc. Tim has had instrumental roles in several successful
corporate spin-offs, including Keene Corporation from Bairnco
Corporation, TransPro, Inc. from Allen Telecom, and Imagistics
International Inc. from Piney Bowes.
Mr. Coyne has extensive experience with emerging battery technologies
and energy storage. He has served as the Finance Director for The City
University of New York Energy Institute, an interdisciplinary university
research center; and as the Chief Financial Officer for Electro Energy
Inc., a NASDAQ listed company providing advanced energy storage systems
for military, transportation and other commercial applications.
The team has pulled together a group of known sales and manufacturing
professionals with experience in large format lithium ion batteries from
companies that include SAFT, Duracell, Exide, Ultralife, Eagle Picher,
Kokam, Lithium Technology and others.
About Freya Energy
Freya is a producer of safe large format lithium ion cells and batteries
for demanding applications. Freya believes its proprietary separator
provides greater safety than competitive products and provides a higher
energy density than others on the market.
Freya's technology is protected by patent filings, ready for manufacture
without the need for additional research and development. Freya has
developed a commercialization plan for rapid market entry. Its personal
relationships with known and established customers position the company
for timely sales in the United States and Europe. Subject to initial
funding and satisfactory prototypes, Freya has millions of dollars in
letters of intent that can be converted to purchase orders.
Freya has an experienced management and technical team led by well
respected innovators in battery technology.
About China Nuvo Solar Energy
China Nuvo Solar Energy, Inc. is a development stage company that owns
unique patent pending solar and photovoltaic related technology. The
Company's business model includes a roll-up strategy of clean energy
companies and intellectual property within the renewable energy sector.
This press release may include forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. These statements are based on the
Company's current expectations as to future events. However, the
forward-looking events and circumstances discussed in this press release
might not occur, and actual results could differ materially from those
anticipated or implied in the forward-looking statements.
China Nuvo Solar Energy, Inc.
Henry Fong, 561-514-9042
President
© Business Wire 2011
