New Energy Appoints Chief Financial Officer, Mr. Elliot M. Maza, JD, CPA.
Columbia, MD – February 4, 2011 – New Energy Technologies, Inc. (OTCBB: NENE), a developer of renewable and alternative energy technologies, is pleased to announce the appointment of its Chief Financial Officer, Mr. Elliot M. Maza, who brings more than 25 years of corporate finance, regulatory compliance, accounting, and legal expertise to the Company.
Notably, Mr. Maza served as Partner, Transaction Advisory Services at Ernst & Young LLP, New York, NY, and previously as Vice President, Structured Finance at the New York, NY offices of both Goldman Sachs & Co and JP Morgan Securities, Inc. Early in his career, Mr. Maza tenured as Tax and Corporate Attorney at Sullivan & Cromwell, a 130 year old global law firm. At their New York, NY offices, he advised multinational corporations and investment banks on tax consequences of equity, debt and derivative structures as well as domestic and cross-border merger and acquisition (M&A) transactions.
Mr. Maza received his B.A. degree from Touro College in New York and his J.D. degree from the University of Pennsylvania Law School. He is a licensed C.P.A. in the states of New Jersey and New York and is a member of the New York and New Jersey State Bar.
Mr. Maza joins New Energy as Chief Financial Officer, on a non-exclusive basis and, in addition to other appointments, continues to serve on the Board of Directors and is Chairman of the Audit Committee of a publicly-traded company, Chinese miner, refiner and producer of high purity tellurium (Te) and other metals for the solar photovoltaic (PV) industry. He has served on the Board of Directors, and was previously Chairman of the Audit Committee, of several biotechnology and pharmaceutical companies. Mr. Maza also actively serves at a publicly-traded biotechnology company, where among other achievements, he has secured and successfully executed multiple financing transactions, and consummated intellectual property licenses with numerous global pharmaceutical companies.
“I’m honored to welcome Mr. Maza to our team, as part of our ongoing efforts to strengthen the Company’s management team in preparation for the commercialization of our core technologies,” stated Mr. John Conklin, President and CEO of New Energy Technologies, Inc. “Recently, we’ve worked hard to build our management group, following several technical breakthroughs with important commercial benefits for both our SolarWindow™ and MotionPower™ technologies.”
Mr. Maza’s appointment follows the recent addition of Chief Operating Officer, Mr. Andrew T. Farago, JD, who brings 16 years of investment, hedge fund, and legal experience in renewable and alternative energy experience. He is credited with helping grow assets under management from $20 million to over $800 million during his tenure at RNK Capital, LLC, a New York based investment management company, exclusively focused on energy, clean-tech, and the trading of environmental credits. In addition to operations and finance, Mr. Farago has negotiated and structured the purchase and sale of Renewal Energy Credits (RECs) with total notional value exceeding $40 million. Mr. Farago is a licensed attorney admitted to practice law in the State of New York, and was previously FINRA Series 7, 63, 55, and 24 licensed. Mr. Farago holds a B.A. in psychology from Syracuse University and a JD from Touro College Jacob D. Fuchsberg Law Center.
Last week, the Company also announced important additions to its Scientific Advisory Board, including the appointment of Dr. Steven S. Hegedus, to assist with development of New Energy’s SolarWindow™, capable of generating electricity on see-thru glass windows.
Dr. Hegedus is a Research Scientist at the Institute of Energy Conversion (IEC) at the University of Delaware, the world’s oldest photovoltaic research laboratory. Dr. Hegedus is credited with more than 90 scientific publications related to thin film solar cell fabrication, characterization, manufacturing methods and reliability studies, and has played an active role in the development of numerous solar cell technologies, which have subsequently been commercialized. Dr. Hegedus received a Bachelors in Electrical Engineering from Case Western Reserve University in 1977, a Masters in Electrical Engineering from Cornell University, and Ph.D. in Electrical Engineering from the University of Delaware.
The Company also appointed Mr. Jerry Lynch, PE, to its Scientific Advisory Board, to assist with the development of its MotionPower™ technologies for generating electricity from the motion of cars, trucks, and commercial vehicles.
Mr. Jerry Lynch is a licensed professional engineer in NY and NJ, and has authored numerous articles on design and industrial manufacturing. He has been certified by NIST as a LEAN Manufacturing Expert and has helped over 20 firms develop smart manufacturing methods and approaches. Mr. Lynch has been responsible for the design and successful launch of hundreds of innovative technical new products, and brings significant international experience on major projects in Abu Dhabi, UAE, France, Philippines, Singapore, Indonesia and Spain. Over the past 7 years he has personally been involved in four pilot projects in the renewable energy sector, specifically in solar and hydrokinetic power generation. Mr. Lynch has a BS in Engineering from the State University of New York at Stony Brook, a MS in Business Management from Stevens Institute of Technology, NJ.
SolarWindow Technologies, Inc. creates transparent electricity-generating liquid coatings. When applied to glass or plastics, these coatings convert passive windows and other materials into electricity generators under natural, artificial, low, shaded, and even reflected light conditions.
Our liquid coating technology has been presented to members of the U.S. Congress and received recognition in numerous industry publications. Our SolarWindow™ technology may generate 50-times the power of a conventional rooftop solar system and may achieve a one-year payback when installed on all four sides of a 50-story building, according to independently-validated power and financial modeling.
Power and Financial Model Disclaimer
The company's Proprietary Power Production & Financial Model (Power & Financial Model) uses photovoltaic (PV) modeling calculations, which are consistent with renewable energy practitioner standards for assessing, evaluating and estimating renewable energy for a PV project. The Power & Financial Model estimator takes into consideration building geographic location, solar radiation for flat-plate collectors (SolarWindow™ irradiance is derated to account for 360 degrees building orientation and vertical installation), climate zone energy use and generalized skyscraper building characteristics when estimating PV power and energy production, and carbon dioxide equivalents. Actual power, energy production and carbon dioxide equivalents modeled may vary based upon building-to-building situational characteristics and varying installation methodologies.
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