GreenVolts Appoints New Chief Executive Officer

FREMONT, CA--(Marketwire - October 26, 2009) - GreenVolts, a leader in concentrating photovoltaic (CPV) technology, today announced that it has appointed David Gudmundson as President and Chief Executive Officer. Mr. Gudmundson comes to GreenVolts with more than 20 years of experience in senior management positions at leading technology companies, and a successful track record of growing both domestic and international market share and revenue. He has a deep working knowledge of all aspects of company operations, including sales and marketing, engineering, manufacturing, and finance.

Mr. Gudmundson assumes his role as President and CEO immediately, in place of interim CEO and former GreenVolts' CFO Gary Beasley, who is leaving to pursue a career in private equity. The company also announced today that it has relocated its headquarters from its startup offices in San Francisco to a state-of-the-art facility in Fremont, California.

"We are energized by having a world class executive like David leading the team at GreenVolts," said company Founder and Chairman Bob Cart. "David's management experience and strong leadership will help us scale the business while delivering on the great promise CPV holds for our customers."

Mr. Gudmundson has a proven history as a senior executive building teams, expanding market-share and revenue, and delivering upon aggressive measurable goals across a number of industries, including Networking, Optics, and Government and Defense. His experience spans the globe in the technology and engineering fields, working for companies such as JDSU and Cisco Systems. In these roles, he has managed businesses with over $1 Billion in total annual revenue, acquired and integrated a dozen companies, and led globally distributed organizations.

As President of JDSU's Optical Communications Product Group and a Corporate Executive VP, Mr. Gudmundson led a 3,000-person team to significantly increased profitability, revenue growth, and market share. In his role as Senior Vice President of Corporate Strategy, M&A and Marketing, he played a critical role in identifying and executing a number of acquisitions as well as a corporate restructuring that helped JDSU become a profitable portfolio company.

Prior, Mr. Gudmundson served as a Group Vice President and General Manager for Cisco Systems. He was a driving force behind Cisco's entry into both the access router and broadband markets, and he led the company's successful entry into the security server market. Mr. Gudmundson also held engineering positions at ArgoSystems, a subsidiary of Boeing, and ESL Incorporated, now part of Northrop Grumman. He earned a BSEE from the University of Missouri-Rolla and an MBA from San Jose State University.

"I look forward to partnering with Bob, and the Board, and the entire team at GreenVolts to continue unlocking the enormous potential of CPV," said Gudmundson. "I am passionate about this industry and extremely bullish on this technology. I am thrilled to leverage my experience and skills to help make solar power a primary energy source for our planet."

GreenVolts' innovative approach to concentrating photovoltaics has led to a power purchase agreement with Pacific Gas & Electric for a two-megawatt pilot facility in Northern California. GreenVolts has raised nearly $45 Million in venture capital, including $34 Million as part of a Series B round late last year. The company is also working with the National Renewable Energy Laboratory to optimize solar cells for concentrating photovoltaic systems.

GreenVolts' new 20,000 square foot headquarters are ideally suited to the company's research and development needs, while providing room for its expanding engineering team. The company's new offices are located at 46400 Fremont Boulevard in Fremont, California. The company can be found online at http://www.greenvolts.com.

About GreenVolts

GreenVolts, Inc. was founded in 2005 to deliver solar power at costs competitive with that derived from fossil fuels. The company's concentrating photovoltaic technology efficiently integrates tracking and optics into a system that lowers the cost of energy. Through low cost, high efficiency systems, the company can access large new markets.

Contact Information: Press Contact: Michael Azzano Cosmo PR 415/596-1978