Solar disappointment: Miasole loses CEO
Three years ago, venture capitalists began investing in crop of Silicon Valley companies promising radical breakthroughs in solar cell technology.
One promising technology was copper indium gallium selenide (CIGS), a compound which experts believe can make cells and panels much more flexible — so that they could be stripped across vast parking lots, large roofs and more — and cheaper than the prevailing silicon technology.
However, the companies haven’t delivered as quickly as expected. Miasole, one of these start-ups, has just seen a casualty as a result: It’s chief executive, David Pearce (pictured top), who had said his company would be making $100 million by the end of this year and might even contemplate an IPO, has been replaced as CEO, reports Michael Kanellos at CNET. The company is nowhere near meeting Pearce’s revenue goal, and its lab results haven’t been that great.
The company is backed by big-name venture firm Kleiner Perkins and others.
Meanwhile, it is seeing younger companies joining the race, and getting funding.
Taking Pearce’s place is Joseph Laia (couldn’t find picture), a veteran of the semiconductor chip equipment industry, most recently at KLA-Tencor. The company is reportedly looking for more funding, which isn’t a surprise given its faltering.
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About the Author, Matt Marshall
Matt launched VentureBeat in September of 2006, with the realization that no one else was covering the entrepreneurial and tech innovation scene with the velocity or depth that he was. Prior to founding VentureBeat, he covered venture capital for the San Jose Mercury News from 2001 to 2006. In 2002, Matt was awarded "Journalist of the Year" by the Northern California Society of Professional Journalists. Prior to working at the Merc, he was a correspondent for the Wall Street Journal in Bonn, Germany from 1995 to 1998, and a writer for the Washington Post in 1994. Matt holds a PhD in Government and an MA in German and European Studies from Georgetown University. In addition to VentureBeat, Matt is also the Executive Producer of DEMO, the leading launchpad event for emerging technologies.
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http://www.solarfeeds.com/miasole-perhaps-not-so-unhealthy-after-all-may-get-200m-investment/ Miasole perhaps not so unhealthy after all — may get $200M investment | Solar Feeds
