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SOUTH SAN FRANCISCO, Calif., April 26, 2007 – Nanoexa, a provider of high-performance clean energy storage solutions, today announced that Michael Meyer has joined the Company as chief financial officer. With over twenty years of finance experience at companies including Ballard Battery Systems and SunPower, Meyer will be responsible for financial requirements and will oversee the Company’s next stage of growth as Nanoexa brings its high output, high capacity lithium ion batteries to market. The batteries represent the first in a series of clean energy storage solutions benefiting from Nanoexa’s systems-level approach.
While at Ballard Battery Systems, a provider of batteries for the U.S. military, Meyer managed growth as revenue increased twelve-fold and as the company’s staff tripled to over 200 employees. Meyer served in a variety of C-level positions at rapid-growth technology companies during his twenty-year career and has overseen each stage of growth, from fundraising to acquisition to IPO.
“In light of the battery crisis, clean energy storage has come to the forefront as a critical component of virtually all of today’s electronics,” said Michael Meyer, newly appointed CFO of Nanoexa. “With such a huge opportunity for growth in the market, Nanoexa is poised to address the global demand for rapid commercialization of clean batteries.”
Initially targeting the $9 billion power tool market, Nanoexa has begun rapid commercialization of its line of clean, high-performance batteries for professional and consumer power tools. The Company’s high output, high capacity lithium ion batteries were specifically designed to address the power and energy density demands of today’s high-torque tools. With a significant base of consumer electronics customers in Asia, Nanoexa is now expanding its reach to address demand in the U.S. Once power tool demand is met, the Company will make the next logical step into the hybrid electric vehicle market.
“Michael comes to Nanoexa with an ideally-suited background in high-performance power sources, as well as a well-documented history of guiding public multi-nationals to the next level,” said Michael Pak, CEO of Nanoexa. “He’ll play a pivotal role as we seek to scale-up production of our systems-level approach to meet the needs of the lucrative lithium battery market.”
Nanoexa is an international clean energy company focused on bringing innovative clean energy storage products to market. With a rapid systems-level approach to commercialization, Nanoexa is has assembled an extensive IP portfolio, initially focused on lithium ion batteries. Through its novel materials and computational modeling platform, it improves material performance while dramatically reducing time to commercialization. In 2006, Nanoexa acquired a controlling interest in Decktron, a South Korea-based company offering highly efficient, environmentally sustainable battery technologies. Nanoexa is based in South San Francisco, California. For further information,
visit http://www.nanoexa.com.
Media contact: Doug Wyllie, Antenna Group for Nanoexa
Email:doug@antennagroup.com, 415-977-1930
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