HelioVolt Seeks New CEO

Feb 9 2009 | 9:33am ET

Austin-based, thin-film solar start-up HelioVolt has replaced CEO B.J. Stanbery with a board member while it seeks a permanent chief executive.

The company says founder Stanbery will remain its chief strategy officer and board chair. Ron Bernal, a board member and partner at Sequel Venture Partners, will serve as interim CEO.

HelioVolt has also named Sanjeev Kumar, former chief financial officer of Conversion Devices, as its CFO.

HelioVolt is one of a handful of CIGS companies (those producing solar panels from copper, indium, gallium and selenium) that has recently secured VC funding. HelioVolt, Nanosolar, Miasolé, Solyndra and SoloPower have together raised over $1 billion to develop technologies and build factories.

HelioVolt raised $101 million alone for its Series B round in 2007 from investors including Sequel Venture Partners, Noventi Ventures, Passport Capital and Masdar Clean Tech Fund.


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