MONTCHANIN, Del., Jan. 20 /PRNewswire-FirstCall/ -- Acorn Energy, Inc. (Nasdaq: ACFN) today announced it has appointed David T. Beatson as Vice President and Chief Technology Officer. His responsibilities will include building relations with major energy companies and academic institutions as well as strengthening and expanding the technology portfolio of Acorn Energy.
Mr. Beatson brings a wealth of experience in technology to Acorn. Mr. Beatson served as President of Confero Solutions, Inc. since he founded the company on October 1, 2006. Confero Solutions designed and manufactured precision sensing and automation solutions for the semiconductor, life sciences, and machine tool industries. Previously, he served as the Chief Technology Officer of Kulicke & Soffa Industries, Inc. In this capacity, he directed research and development throughout the corporation, managed the intellectual property portfolio, and led worldwide technical staffing. Prior to this, he held several technical management positions of increasing responsibility at Kulicke & Soffa including Director of New Business Development. He has also served as Director of Engineering for SMX Corporation and has held various technical and project leadership positions at DX Imaging, Boeing, and General Electric.
Mr. Beatson holds a Masters in Business Management from Pennsylvania State University. He also holds a Master of Science Degree and Bachelor of Science Degree in Mechanical Engineering from Drexel University. He is named in 35 patents both awarded and pending.
Dave Beatson said, "Power generation and distribution's aging infrastructure stands to benefit greatly from products and technologies like those found within Acorn's portfolio of companies. I am excited about joining Acorn Energy and look forward to expanding the technology portfolio of Acorn, and further strengthening its relationships with the world's leading energy companies."
John Moore, CEO of Acorn Energy, stated, "Dave is already hitting on all cylinders since we have a number of interesting opportunities for our subsidiaries on the table to study and determine the value added potential."
The Company also announced that the Board of Directors of the Company made an inducement grant to Mr. Beatson effective January 18, 2010 of nonqualified options to purchase 120,000 shares of the Company's Common Stock at an exercise price of $6.13 per share. The options vest on January 18, 2014 and expire on January 18, 2017. The option grant to Mr. Beatson was made in accordance with NASDAQ Marketplace Rule 5635 (c)(4).
About Acorn Energy, Inc.
Acorn Energy, Inc. is a publicly traded holding company with equity interests in CoaLogix, Coreworx, DSIT and Gridsense. These companies leverage advanced technologies to transform and upgrade the energy infrastructure around the world. Acorn companies are focused on three problems in the energy sector: improving the efficiency of the energy grid, reducing the risk for owners of large energy assets, and reducing the environmental impact of the energy sector. Acorn's strategy is to take primarily controlling positions in companies led by great entrepreneurs. For more information visit http://www.acornenergy.com.
Safe Harbor Statement
This press release includes forward-looking statements, which are subject to risks and uncertainties. There is no assurance that CoaLogix, DSIT, Coreworx or Gridsense will continue to grow their respective businesses. A complete discussion of the risks and uncertainties which may affect Acorn Energy's business generally is included in "Risk Factors" in the Company's most recent Annual Report on Form 10-K as filed by the Company with the Securities and Exchange Commission.
SOURCE Acorn Energy, Inc.