OIL INDUSTRY VETERAN IS VIRENT’S NEW PRESIDENT, CEO
Milwaukee Journal Sentinel
By Thomas Content
Lee Edwards
Virent Energy Systems Inc., already a partner with Shell in development of “green” gasoline, turned to another major oil company, BP, for its next leader.
The Madison biofuels company on Thursday named Lee Edwards its president and chief executive, effective Jan. 2.
Edwards spent 25 years with BP Plc, most recently as president and chief executive of BP Solar, a solar-technology provider with $1 billion in annual sales.
Virent is looking in the next few years to move toward production of renewable gasoline and sought an oil-industry veteran for its next phase of growth, former chief executive Eric Apfelbach said in a recent interview.
“With his background in both the petroleum industry and renewable technologies, Lee Edwards is a tremendous addition to the Virent team,” Randy Cortright, Virent co-founder and chief technical officer, said in a statement. “Lee brings significant global energy leadership skills, which will serve Virent well as we bring our BioForming technology to market.”
Virent is looking to develop renewable gasoline and jet fuel using a chemical conversion process it developed. The process converts plant sugars into a variety of hydrogen molecules that are identical in structure to petroleum-based hydrocarbons used in today’ fuels.
Virent is a finalist for the Platts 2008 Global Energy Award in the category of “sustainable technology innovation of the year.” Including Orion Energy Systems Inc., a maker of energy-efficient lighting, Wisconsin is home to two of four finalists for that innovation award.
By collaborating with firms such as Shell, Honda and Cargill, “Virent has attracted global partnerships that are accelerating the technology’s development to full-scale production,” Edwards said in a statement. “Virent’s low-carbon, cost-competitive biofuels offer a new kind of solution to help deliver energy security, reduced CO² (carbon dioxide) emissions, and the opportunity for job creation in meeting growing demands for renewable transportation fuels.”
Edwards has been named to the company’s board of directors, effective immediately. In addition, the board appointed Jay Kouba its chairman. Kouba, chief executive of Tetravitae Biosciences and chairman of Metabolix, has served on the Virent board since last year.
Edwards succeeds Apfelbach, who led Virent’s venture capital fund-raising efforts in recent years. Apfelbach is exploring the creation of a new venture capital fund or joining another start-up technology firm.