News

 

Jan 2008 - Whitfield Solar Ltd announces new CEO as further funding round reaches successful closure

Whitfield Solar, the developer of low cost solar concentrator technology, has announced Stephen Bates will join as CEO, to help drive forward the company’s strategy for growth and development.

Mr Bates joins from ANGLE plc where he was UK CEO. He has an MBA from Cranfield and has also held senior positions with Sagentia, Arthur D. Little and Marks and Spencer.

As the announcement is made, Whitfield can reveal it has closed an interim funding round of approximately $2M to enable it to complete its product development, take its solar concentrator through accreditation testing and install a grid-connected demonstration site in Spain.

The equity investment came from existing shareholders Carbon Trust Investments (CTIL) who partnered with new shareholder Kilsby Ltd.

In parallel with the intense product development work planned for 2008, Whitfield will complete its long-term growth plans and return to the investment community in the second half of the year to fund its expansion and diversification.

The company has also made a number of new hires to reinforce its board of directors, project management and engineering resources.

Ian Collins joins as Project Director from McLaren Automotive

Chris Lee joins the board as a non-exec director from his role as CEO of MicroGen, the CHP (Combined Heat and Power) spin-out from BG Group.

Sylvain Chonavel joins Whitfield to head-up the mechanical engineering function from ArvinMeritor

Stephen Bates, CEO said, “It is with great enthusiasm and excitement that I take up this role. It is rare that one gets the opportunity to join an organisation with such potential and where the proposition is so close to market. Now we have our team in place, I am looking forward to a year of rapid progress, growth and engineering excellence”

Jonathan Bryers, Investment Partner at Carbon Trust Investments, said, “We are delighted at the calibre of the commercial and product development team that is now in place at Whitfield to take their low cost solar concentrator product to market. We believe the market will increasingly focus on cost and simplicity within the solar sector and Whitfield is well placed to exploit this opportunity.