The Quercus Trust announced today that David Gelbaum will resign from the boards of directors of all public companies on which he serves except for Entech Solar, Inc. (OTCBB: ENSL). Mr. Gelbaum is tendering these resignations so that he can devote time to his position as CEO of Entech Solar. Entech Solar is a developer of collimating tubular skylights and concentrating solar modules.
The public companies from which Mr. Gelbaum will resign include Axion Power, Inc. (OTCBB: AXPW), Clean Power Technologies (OTCBB: CPWE), Energy Focus, Inc. (NASDAQ: EFOI) and ThermoEnergy Corporation (OTCPK: TMEN). Mr. Gelbaum will become a board observer on the boards of these companies.
"Being an effective CEO of Entech Solar is a full-time job, so deciding to resign from the boards of some of my other companies was appropriate," said David Gelbaum, CEO of Entech Solar.
At the same time, David Anthony, Managing Director of 21Ventures, LLC will resign from the board of directors of Entech Solar so that he can devote time to other companies in the Quercus Trust from whose boards Mr. Gelbaum is resigning. Mr. Anthony will join the board of directors of Energy Focus. He is already a member of the board of directors of Axion Power, Clean Power Technologies, and ThermoEnergy.
The Quercus Trust holds investments in numerous cleantech industries including solar, wind and clean water technologies.
About The Quercus Trust
Based in Newport Beach, California, The Quercus Trust is recognized as one of the North America's leading cleantech venture funds, with strategic investments in the clean technology areas of solar, water, bio-fuels, wind and batteries. The Quercus Trust is known to provide more value than funding alone, and takes a long-term view of invested capital, leveraging its industry expertise and relationships for the benefit of its portfolio companies.
About 21Ventures
Founded in 2004 and headquartered in New York, 21Ventures, LLC is a venture capital management firm that has provided more than $400 million in seed, growth, and bridge capital to more than 40 technology ventures across the globe mainly in the cleantech arena. More information can be found at www.21Ventures.net.
Contacts:
Expansion Media
David Andrew Goldman
646-335-0268
david@expansionmedia.net
