Former First Solar Executive to Lead HelioVolt

AUSTIN, Texas--(BUSINESS WIRE)--HelioVolt Corporation, a producer of highly-efficient thin film solar products, announced today that Jim Flanary has joined as chief executive officer. A business leader with a proven track record at both large and small companies, Jim Flanary brings vast expertise in growing high-tech manufacturing businesses. As COO of First Solar, during a critical scale-up phase of the Cadmium Telluride (CdTe) module manufacturer, Jim implemented the core manufacturing process methodologies that allowed First Solar to rapidly scale while addressing early product quality issues. Most recently at HelioSphera, Jim was once again responsible for helping the newly established micromorph thin film module manufacturer bring up its operations in Tripolis, Greece.

“Jim brings a unique combination of entrepreneurial drive and operational capabilities with solid business growth, experience that aligns him well with our plan to deliver the most efficient and cost effective products to the market.”

“HelioVolt is one of a small number of CIGS companies positioned for commercial scale-up,” said Scott Sandell, General Partner at New Enterprise Associates and member of HelioVolt’s Board of Directors. HelioVolt is developing a suite of high performance copper indium gallium selenide (CIGS) photovoltaic products suitable for a variety of solar applications, including for use in commercial rooftops and Building Integrated (BIPV) systems. The company’s first Austin, TX based factory is gearing up for production in the second half of 2009. “We are extremely pleased to have Jim joining the HelioVolt team. His knowledge of the solar market and expertise in building companies will be invaluable,” added Sandell.

“HelioVolt has developed a unique method for rapid manufacturing of advanced solar technology with potential to reach module efficiencies comparable with poly-silicon modules and at competitive installed costs,” said HelioVolt founder and Chief Strategy Officer Dr. BJ Stanbery. “Jim brings a unique combination of entrepreneurial drive and operational capabilities with solid business growth, experience that aligns him well with our plan to deliver the most efficient and cost effective products to the market.”

Known for his execution and focus on operational excellence, Jim has held a number of key roles such as Chief Operating Officer of First Solar from 2001 to 2003, and as President of OEA Aerospace, and President of Networks Electronic Corporation. During a 10 plus year career at ITT Night Vision, Jim developed his operational skills in robust engineering, six sigma, and lean manufacturing and became their Division President and General Manager. Jim was awarded the coveted ITT Ring of Quality and the Harold S. Geneen Award as part of a leadership team that helped establish ITT Night Vision as the world leader in military and commercial night vision products.

“HelioVolt is one of the most promising thin-film companies in the solar industry today and I feel honored to lead the company through its next growth phase,” said Flanary. “The market has seen the potential of thin-film technology in the past 2 years and I believe HelioVolt has the next generation technology and process that will allow our customers and partners to reach new levels of commercial growth.”

About HelioVolt

HelioVolt Corporation, based in Austin, Texas, is a manufacturer of a new generation of thin film photovoltaic products based on its proprietary FASST™ manufacturing process. The company’s low-cost, rapid production methods for CIGS synthesis are protected by both nine issued US patents and by numerous global patents pending. To date, HelioVolt raised over $130M in venture financing to fund the company’s move towards volume production and international expansion. For additional information, visit www.heliovolt.com.