NEWS!
China Nuvo Solar Introduces Operating Leadership Structure for Lithium Ion Battery Acquisition Freya Energy
China Nuvo Solar Egy (USOTC:CNUV)
Intraday Stock Chart
Today : Tuesday 5 April 2011
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.
