logo


Oil Industry Veteran is Virent's New President, CEO
Friday, November 14, 2008 12:51 PM


(Source: The Milwaukee Journal Sentinel)trackingBy Thomas Content, Milwaukee Journal Sentinel

Nov. 14--Virent Energy Systems Inc., already a partner with Shell in development of "green" gasoline, turned to another major oil company, BP, for its next leader.

The Madison biofuels company on Thursday named Lee Edwards its president and chief executive, effective Jan. 2.

Edwards spent 25 years with BP Plc, most recently as president and chief executive of BP Solar, a solar-technology provider with $1 billion in annual sales.

Virent is looking in the next few years to move toward production of renewable gasoline and sought an oil-industry veteran for its next phase of growth, former chief executive Eric Apfelbach said in a recent interview.

"With his background in both the petroleum industry and renewable technologies, Lee Edwards is a tremendous addition to the Virent team," Randy Cortright, Virent co-founder and chief technical officer, said in a statement. "Lee brings significant global energy leadership skills, which will serve Virent well as we bring our BioForming technology to market."

Virent is looking to develop renewable gasoline and jet fuel using a chemical conversion process it developed. The process converts plant sugars into a variety of hydrogen molecules that are identical in structure to petroleum-based hydrocarbons used in today' fuels.

Virent is a finalist for the Platts 2008 Global Energy Award in the category of "sustainable technology innovation of the year." Including Orion Energy Systems Inc., a maker of energy-efficient lighting, Wisconsin is home to two of four finalists for that innovation award.

By collaborating with firms such as Shell, Honda and Cargill, "Virent has attracted global partnerships that are accelerating the technology's development to full-scale production," Edwards said in a statement. "Virent's low-carbon, cost-competitive biofuels offer a new kind of solution to help deliver energy security, reduced CO² (carbon dioxide) emissions, and the opportunity for job creation in meeting growing demands for renewable transportation fuels."

Edwards has been named to the company's board of directors, effective immediately. In addition, the board appointed Jay Kouba its chairman. Kouba, chief executive of Tetravitae Biosciences and chairman of Metabolix, has served on the Virent board since last year.

Edwards succeeds Apfelbach, who led Virent's venture capital fund-raising efforts in recent years. Apfelbach is exploring the creation of a new venture capital fund or joining another start-up technology firm.

-----

To see more of the Milwaukee Journal Sentinel, or to subscribe to the newspaper, go to http://www.jsonline.com.

Copyright (c) 2008, Milwaukee Journal Sentinel

Distributed by McClatchy-Tribune Information Services.

For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

NYSE:BP, NASDAQ-NMS:OESX, NYSE:HMC, NASDAQ-NMS:MBLX,

A service of YellowBrix, Inc.



(0)
No Comments
Post Comment
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
   
 
 
 
 
   
 

  
Related Press Releases
Advertisement
Popular Articles
Advertisement
Partner Center
Fundamental data is provided by Zacks Investment Research, market data is provided by AlphaTrade. , and Commentary and Press Releases provided by Quotemedia