Irvine-based clean technology startup FlexEnergy Inc. has hired a new president with a deep financial background to help raise money for growth, product development and commercialization.
Jay Mitchell brings more than two decades of executive experience in energy-related equipment manufacturing to FlexEnergy. He has helped raise nearly $1 billion in capital for big companies to small startups.
“We’re working with a large national bank to help raise some funds,” said Mitchell, who took the helm last month. “That’s going to be something that’s on the near-term horizon.”
Mitchell was attracted to FlexEnergy because it is a growing company that’s expanding operations and its work force.
“FlexEnergy has a great culture and technology,” he said.
He most recently served as chief financial officer for T-3 Energy Services Inc., a Houston-area company that makes drilling and pressure systems, and provides other services in the oil and gas industry.
T-3 was acquired for about $422 million in January 2011 by Dayton, Ohio-based Robbins & Myers Inc., which makes equipment and systems for the energy, chemical, industrial and pharmaceutical markets.
Other stints include finance chief in the spin-off of Houston-based Pride International Inc.’s Latin American unit, which was sold to GP Investments Ltd. in 2007 for $1 billion. He also served as investor relations director and treasurer of drilling equipment maker Grant Prideco Inc. in Houston and as international tax manager at defunct accounting firm Arthur Andersen LLP.
Mitchell takes over the president post as FlexEnergy nears profitability after securing its first commercial projects.
Its flagship product is the Flex Powerstation—a turbine and other equipment that breaks down methane gas and converts it to electricity with almost zero emissions.
The company secured a bid in January to install and operate a power-generation system at the Santiago Canyon Landfill in Orange.
It will create one the most energy-efficient systems that converts methane gas and other air pollutants, FlexEnergy said.
An assessment of available landfill gas at the site suggests between 1.5 megawatts and 2 megawatts of power will be produced—enough to power 1,500 to 2,000 homes. The project is scheduled to be completed this year.
Global Consortium
Aliso Viejo-based chipmaker Microsemi Corp. has joined a global consortium tasked with improving parts and systems for an eventual electric aircraft.
Microsemi will design, manufacture and test a standardized power module for the plane at its operation near Bordeaux, France, which has done this type of work for more than 15 years.
More than 50 partners from 12 European countries are involved in the three-year project, funded by the European Union.
An overriding goal is to develop electro-mechanical actuators that eliminate hydraulic circuits, pumps and reservoirs, bringing down costs and reducing aircraft weight.
The developments come amid a push by aerospace manufacturers to reduce electricity consumption in aircraft that doesn’t contribute to propulsion.
COO Vacancy
Ingram Micro Inc. Chief Executive Alain Monie has had a few months at the helm and identified some key areas for improvement.
Now look for him to fill the long-vacated chief operating officer position.
Monie told analysts and shareholders last month the Santa Ana-based company needs to have that position filled, given the size of the business—and the right candidate could be an insider.
“Were working towards our preference to look internally, but we’re looking at all alternatives,” he said during the conference call that followed fourth-quarter and year-end earnings reports.
Ingram Micro is the biggest distributor of computers, software and other technology products in the world and the largest public company based in Orange County by revenue, with more than $36 billion in sales in 2011.
It relies on thousands of resellers to sell goods and services.
Monie headed a manufacturer in China last year before rejoining Ingram in November.
He was promoted to the chief executive post in January.
He first joined Ingram as executive vice president in January 2003 and was appointed president of the Asia-Pacific region a year later.
Monie was named president and chief operating officer in 2007 and remained in those posts until last year, when he became chief executive of Asia Pacific Resources International Ltd., a China-based manufacturer of fiber, pulp and paper.
The positions had remained unfilled until Monie’s return.
