EnerVault Names Jim Pape as New CEO and Chairman

SUNNYVALE, Calif., May 20, 2013 /PRNewswire/ -- EnerVault Corporation announced today the appointment of energy industry veteran Jim Pape as Chairman and Chief Executive Officer. Mr. Pape has a 30 plus year track record leading commercial efforts at Fortune 500 and start-up companies in rapidly evolving markets like renewable energy and energy efficiency as well as established industries such as military aerospace and industrial manufacturing.

"Attracting an established energy industry leader like Jim validates the strength of EnerVault's novel Engineered Cascade™ architecture and abundant, low-cost iron-chromium chemistry," commented EnerVault board member Richard See of Mitsui Global Investments. "We see stationary energy storage as a multi-billion dollar opportunity and EnerVault is well positioned to execute its plans to become a market leader."

Former EnerVault Chairman, CEO, and founder, Dr. Craig R. Horne, will transition to the position of Chief Strategy Officer and remains a board member. "As EnerVault expands its commercial presence worldwide, I am excited to see our long-planned transition culminate with Jim coming on board. Jim's prior success in understanding customer needs and delivering results in emerging energy markets perfectly fits our needs."

"I am honored to join forces with Craig and the team at EnerVault," said Mr. Pape. "EnerVault has assembled the brightest minds in battery technology to pioneer a new system architecture and ground-breaking capabilities that give it an edge in the global race to commercialize a safe, efficient, and cost effective grid scale energy storage solution."

Mr. Pape joins EnerVault from View Glass where he was Chief Commercial Officer, and from SunPower where he served as President of their Residential and Commercial Business Units. Mr. Pape has held senior management positions at Ingersoll Rand's Climate Solutions Division and Johnson Controls. Mr. Pape earned a Bachelor of Science degree in Mechanical Engineering from the University of Texas at Arlington.

About EnerVault

EnerVault is a privately held company developing highly flexible, very large electric energy storage systems that are inherently safe, reliable and cost-effective for large commercial and industrial facilities, renewables support and utility grids. EnerVault's grid-scale energy storage systems are based on the company's patented Engineered Cascade™ technology that transforms an inherently safe redox flow battery chemistry into highly economical and reliable storage solutions. For more information visit www.EnerVault.com.

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SOURCE EnerVault Corporation