REGEN Energy Names Robert M. Chiste to Board of Directors Former Chairman and CEO of Comverge, Inc taking on role of Chairman of the Board
ORANGE COUNTY, Calif., March 22, 2012 /PRNewswire-iReach/ -- REGEN Energy announced today the appointment of Robert M. Chiste as its new Chairman. Mr. Chiste has spent his entire career in the energy and cleantech industries, most recently serving as CEO of Comverge, Inc. From 2001, he led the company's rapid growth including a highly successful IPO in 2007. He retired in 2009 after having grown the company from a market cap of less than $5 million to over $300 million at the time of his departure. Apart from starting Comverge's Commercial and Industrial business and its international initiative, he is widely recognized as the co-creator of the outsourced residential Demand Management programs known as Virtual Peaking Capacity. In essence, these programs established Demand Response as a well-accepted industry standard. Since 2009, Mr. Chiste has carried on a dual role as Executive in Residence at Menlo Park, California based El Dorado Ventures and as a private energy investor through his family investment vehicle, Sorfina Capital.
"I consider Bob to be one of the most important pioneers of the Demand Side Management and Demand Response industry," stated Tim Angus, President and CEO of REGEN. "We are privileged to have Bob share with us his wealth of experience in creating highly successful companies in this exciting industry. His experience will help us expand our patented Swarm Energy Management™ disruptive technology platform for electrical Demand Side Management and automation of Demand Response for the benefit of our customers."
"The whole Demand Management industry is becoming more sophisticated. Companies with the right technology-driven solutions are gaining traction in what I would call Demand Management 2.0, the next generation of Demand Side Management," Chiste said. "I believe REGEN has a great opportunity to be a dominant player in this evolution and I am proud to join the company as its Chairman."
About REGEN: REGEN Energy was founded in 2005 with the goal of creating cost-effective practical technology solutions to electrical Demand Side Management. The REGEN team realized existing energy efficiency technologies and services were too inconvenient, too complex and too expensive to maintain. REGEN designed and patented Swarm Energy Management™, a wireless energy management solution that is quickly installed onto any electrical heating, cooling or discretionary electrical load. Swarm Energy Management™ provides commercial, industrial, institutional, and multi-unit residential facilities with the ability to reduce their electrical demand and consumption charges by 15-30% while not sacrificing the comfort of building occupants.
Swarm Energy Management™ is based on swarm logic, nature's way of organizing groups of organisms to function cohesively as a group without the need for any master command-and-control logic. Swarm Energy Management™ controllers communicate with each other, and using REGEN's swarm logic, share energy demand between devices. Many utilities calculate monthly bills based on a combination of maximum consumption and peak demand usage. By smoothing out demand, and therefore reducing monthly peaks, substantial utility costs savings can be realized. Moreover, REGEN's Swarm Energy Management™ is ideal for traditional and fully automated demand response applications, especially in utilities that offer very attractive incentives for OpenADR programs.
For more information please visit: www.regenenergy.com.
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SOURCE REGEN Energy