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Joint Press Release
What’s New Under the Sun…
San Diego, California, December 20, 2007
Pyron Solar, Inc., a manufacturer
of utility scale concentrating photovoltaic
(CPV) systems, today announced the closure of a Series A equity financing
with New Energies Invest Ltd. in Switzerland (NEI). The new funds
will be
used to improve product reliability, expand the team, and begin the
transition
from the demonstration phase to low levels of production. Mr. Michael
Hohn
of Remaco Merger Ltd, the investment manager of NEI, will join the
Pyron Solar board of directors. Doug Carriger, the
CEO of Pyron Solar and
formerly
the Boeing program manager for Future Energy Systems, says “the
investment from NEI is a crucial next step as we seek to establish
the
reliability of our product within certain key markets.” Mr. Hohn
adds, “we
have scrutinized the CPV industry and are thrilled by the potential
of Pyron Solar’s technology. Pyron Solar is
very well positioned in the growing utility
scale business.”
Pyron Solar is currently realizing pilot projects of its technology
in Spain and
China. In addition, the company will establish its own full scale
pilot project
in the U.S. using its innovative, high efficiency, low profile concentrating
solar
generator.
John N. Laing, one of the co-founders of Pyron Solar,
and the inventor of the
system says, “We are excited to have such an esteemed organization
joining
our quest to commercialize our technology. Advanced solar technologies
like
ours will play a major role in our planet’s energy future.”
Pyron Solar, Inc. is an engineering
and manufacturing company headquartered in San Diego, California.
The company has developed and patented a revolutionary design for
utility scale solar electricity generators,
and has a working 6.6 kW prototype in El Cajon, CA. The Pyron
Solar system
integrates the Boeing – Spectrolab multijunction photovoltaic cell
into its
proprietary electronics package at its San Diego factory.
New Energies Invest Ltd is a private equity financing company that
focuses on companies in the renewable energy industry, mainly in
solar, wind
and biomass opportunities. The fund was initiated by the Bank Sarasin & Co
in the year 2000 and is managed by Remaco Merger Ltd. in Basel,
Switzerland.
Remaco Merger Ltd, a Swiss, bank-independent M&A
company (www.remaco.com), has dealt with small and medium-sized enterprises
for
over 35 years, mainly family firms as well as financial investors
involving
national and international transactions such as acquisitions, mergers
as well
as growth finance and IPOs and acts as investment manager for private
equity investment companies. Remaco Merger Ltd is the Corporate Finance
division of the International Trust Group in Basel – www.itag.ch
Bank Sarasin & Co. Ltd: Founded in 1841, Bank Sarasin is today
one of
Switzerland's leading private banking institutions. Its sustainable
success is
based on trust, confidentiality, expertise and dedication. Bank Sarasin's
core
activities include investment advisory and asset management services
for
private and institutional clients, as well as an investment funds
business. Its
complementary services extend to corporate finance and financial
analysis.
The Sarasin Group - headquartered in Basel, Switzerland - employs
over 1100
staff. In addition to its headquarters in Basel, the Bank has Swiss
offices in
Zurich, Geneva and Lugano. Internationally, the Sarasin Group has
offices in
Dubai, Guernsey, Hong Kong, London, Munich, Paris and Singapore.
Bank Sarasin is a limited company. Its shares are listed on the
Swiss Stock
Exchange, SWX. Its majority shareholder, Rabobank, enjoys the highest
qualification of credit status (triple-A rating) from prominent international
rating agencies. Measured by its core capital, Rabobank is one of
the world's
top twenty financial institutions.
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