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.
5 Comments
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Andy Price said:
Please try reporting the facts before trashing a company. I ran the search for the new CEO at Miasole. Dave Pearce is not leaving, he participated actively in the search along with the Board. He’s still there.
I’ll say this: we had access to anyone we wanted, including CEO’s of several billion dollar public companies. We opted for Joe Laia because he’s a compelling leader with a distinguished technology background and pedigrees from Novellus and KLA–both world class equipment companies in material processing. Miasole processes material. An excellent fit.
Dave Pearce is one of the classiest entrepreneurs I’ve met in 15 years in executive search. This Founder transition was planned, organized, methodical and highly professional.
Regards,
Andy Price
Managing Partner
Schweichler Price & Partners -
Keanu said:
a few days ago, I found Miasole posted recruitment advertisement in a local chinese jobsite named 51job.com for its new plant in shanghai of China. does anyone follow this news?
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Solar competitor said:
The article you wrote VentureBeat is negative and biased. I work for one of Miasole’s direct competitors. What I will tell you is that Dave Pearce is a great leader, very likeable and an excellent entrepreneur. I’ve known him for about 2 years and he is a class act and I wish him very well. Lay off the thrashing - it is not justified.
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wen said:
Miasole, nanosolar, blah blah blah - just a bunch of silicon valley dilettantes who think because they can make billions with trivial internet applications that they are geniuses who can apply “silicon valley thinking” to transform the energy business overnight. They are WAY out of their depth.
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Christopher Pearce said:
Wow guys, this is my Dad’s company. He was planning on stepping down for over two years. Ready to start something else up, that’s what he does well!
