Infinite Power Solutions Names Former Segway Executive James Norrod as New President and CEO
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Seasoned Management Veteran Tasked with Taking the Colorado-based Clean Mirco-energy Storage Leader Through Next Stage of Growth
Littleton, Colo., December 1, 2010 - Infinite Power Solutions (IPS) announced today that it has named former Segway Inc. executive James Norrod to the position of president and CEO of IPS, effective immediately. Norrod most recently served as Segway's chairman, CEO and president. Norrod succeeds Ray Johnson, who served as president and CEO of IPS since 2005. Johnson will remain in an advisory role to the company during this transition period.
With close to 25 years of C-level management experience, Norrod is chartered with taking IPS through its next stage of growth and evolution. Having recently received more than $20 million through its Series C funding, IPS is now primed for global expansion and continued market penetration with its revolutionary all-solid-state energy storage technology, which continues to be heralded for changing the way micro-electronic products are designed, powered and recharged. IPS' board is confident that as a seasoned management executive, Norrod possesses the right combination of management and technology expertise to enhance IPS' position in the clean micro-energy storage space and scale the company to new levels of growth.
Commenting on his new appointment, Norrod notes, "It's a great honor to join IPS and I look forward to working with the IPS management team and board to further propel IPS' clean energy storage technology adoption and capitalize on the company's growth opportunities." He added, "IPS would not be where it is today without Ray Johnson's solid leadership and long list of accomplishments over the last five years. The IPS board and I applaud his tenacious efforts and relentless passion for growing IPS from just an early 'proof of concept' technology company into a game-changing energy storage leader."
Johnson is credited for launching the company's award-winning THINERGY® and INFINERGY® energy storage products into the global marketplace; raising more than $65 million in venture capital investment; building the world's first and only volume manufacturing facility for this solid-state, rechargeable thin-film battery technology; and achieving ISO 9001 certification earlier this year. Reflecting on his departure, Johnson notes, "It's extremely rewarding to see how far we've taken IPS in just a few years, in large part due to the extremely talented and driven professionals at IPS and their tireless efforts and commitment to change the future of electronics through our world-class energy storage products. I know the company will continue to grow under Jim's leadership. Finding the right successor has been a top priority for me and the IPS board and we're confident that Jim is the best person to lead the company forward in its next stage of growth," he said.
Norrod comes to IPS with extensive experience in rapidly growing public and venture capital backed technology companies, and is credited for helping create more than $1billion in liquidity for investors. Prior to his role as chairman, CEO and president of Segway-of which he held for five years before it was acquired in December 2009-Norrod was chairman and founder of Xanoptix, Inc., a developer and manufacturer of optically enabled chip sets and transceivers from 2000 to 2004. Before that, he was chairman of Cignal Global, and prior to that, chairman of ITK International, a next-generation voice-over-IP company, which was sold in 1998 to Digi International. Norrod also served as chairman, CEO and president of Telebit Corporation, a dial-up networking company, from 1993 until it was sold to Cisco Systems, Inc., in 1997. In addition, Norrod has run several technology start-ups, and performed technology turnarounds resulting in successful mergers and acquisitions. He is also a former IBM Corporation executive. Norrod holds a bachelor's degree in economics at Oakland University, Rochester, Mich., and a master's degree in business administration, with a concentration in marketing, from the University of Detroit.
About Infinite Power Solutions, Inc. (www.InfinitePowerSolutions.com)
Infinite Power Solutions, Inc. (IPS)-a U.S.-based, clean-technology company-is a global leader in manufacturing solid-state, rechargeable, thin-film micro-energy storage devices. Founded in 2001, IPS is privately held with corporate headquarters and volume manufacturing in Littleton, Colo. The company is the only ISO 9001 certified manufacturer of solid-state, thin-film batteries and its energy storage products provide unrivalled performance, size and service life to displace conventional coin cells, supercapacitors, and other micro-batteries in a variety of applications. THINERGY® Micro-Energy Cell (MEC) and INFINERGY® Micro Power Module (MPM) products provide unprecedented efficiency in micro-energy storage and uniquely enable ambient energy-harvesting solutions to create miniature, autonomous, perpetual power supplies.
Terri Sundseth
Infinite Power Solutions
303.749.4754
TSundseth@InfinitePowerSolutions.com
Marie Labrie
MCA
650.968.8900
mlabrie@mcapr.com
