SOURCE: Calisolar Inc.

Calisolar Inc.

July 07, 2010 12:19 ET

Calisolar Appoints John D. Correnti as Chairman of the Board, Terry Jester as Executive Vice President of Operations

Distinguished Manufacturing Veterans to Support Rapid Scale-Up

SUNNYVALE, CA--(Marketwire - July 7, 2010) -  Calisolar, a vertically integrated manufacturer of solar silicon, wafers and cells, today announced it has appointed John D. Correnti Chairman of the Board of Directors and named Terry Jester as Executive Vice President of Operations. The new additions will support the company's rapid scale-up of solar wafer and cell processing operations in Sunnyvale, California and silicon purification operations in Vaughan, Ontario.

"Response to our product has been phenomenal, and we are now in the process of ramping up production to meet increasing demand," said Calisolar CEO Roy Johnson. "To do this, we have added leaders with deep and successful manufacturing experience. Throughout his career in the steel manufacturing business, John Correnti has worked with companies of every size, and he revolutionized the steel industry with the mini-mill approach that allowed the cost-effective use of lower-cost inputs to make a high-quality output. That experience, along with his relationships in the investment community, will directly benefit Calisolar. With 30 years of solar industry manufacturing experience, Terry Jester is the best person possible to lead our expanded manufacturing operations."

John D. Correnti, the first outside director to join the company, is currently Chairman and Chief Executive Officer of Steel Development Company LLC. He has nearly 40 years of operations, management, and board experience in the steel industry, serving at both large and small companies. He pioneered the re-birth of the U.S. steel industry through the introduction of mini-mills that produce low-cost, high-quality steel as President and CEO of Nucor Corporation, CEO of Birmingham Steel, and Founder, President and CEO of SeverCorr. He brings a wealth of relevant experience to the rapidly growing Calisolar, including founding SeverCorr in 2003 and directing its rapid growth to more than $1 billion in annual revenues in just five years.

Ms. Jester has extensive experience in manufacturing and engineering and led efforts to ramp up manufacturing operations to full production for a variety of technologies including silicon-based solar photovoltaics. Ms. Jester has managed large solar operations and held positions at SunPower, SolarWorld, Siemens, Arco and Shell. She holds a degree in Mechanical Engineering from California State University Northridge.

"Calisolar continues to build a world-class management team as it matures into a full-scale manufacturing company," said Daniel Gross, a Founding Partner at Hudson Clean Energy Partners and Director of Calisolar. "The market demand for cost-effective solar technology has never been greater and we believe that Calisolar's high-performance solar cells and low-cost silicon will dramatically change the economics of the solar industry. The company's ability to attract such experienced and proven talent as John Correnti and Terry Jester is further validation of the company's unique and very attractive position in the global solar industry." Earlier this year, Calisolar acquired 6N Silicon, a manufacturer of low-cost silicon, and recently completed an additional round of financing from its current investors to continue capacity expansions.

About Calisolar
Calisolar is a vertically integrated manufacturer of solar silicon, wafers and high-performance cells. The company has manufacturing operations and headquarters in Sunnyvale, California; silicon purification operations at the company's wholly-owned subsidiary 6N Silicon located in Ontario, Canada; and a state-of-the-art research and development center in Berlin, Germany. Calisolar was awarded a clean energy manufacturing tax credit as part of the American Recovery and Reinvestment Act. Its investors include Advanced Technology Ventures, Globespan Capital Partners, Good Energies, Hudson Clean Energy, Ventures West and Yaletown Ventures. More information is available at http://www.calisolar.com.

Contact Information

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