Former Caterpillar CEO Joins Firefly Energy Board of Directors
Posted on September 29th, 2005
Peoria, IL – September 26, 2005 – Firefly Energy Inc., formed to create the next generation of lead acid battery technology based on a material sciences innovation discovered by Caterpillar Inc. (NYSE: CAT), today announced Glen Barton, retired chairman and chief executive officer of Caterpillar Inc. has joined its Board of Directors. Barton joins 7 prominent members from industry, finance, and government on the Firefly Energy Board.
“Firefly has grown from an innovation within Caterpillar to a remarkable company bringing true technology advancement to an industry with boundless applications,” said Glen Barton. “I am excited to be a part of such a promising enterprise.”
Barton retired from Peoria, Illinois-based Caterpillar in 2004. He joined the company as a college graduate trainee in 1961. He held numerous marketing and general management positions throughout his 43-year career, including group president with responsibility for the design, development and production of most of Caterpillar’s extensive line of forest, agriculture, mining and construction equipment. His responsibilities also included marketing and sales operations in North America, South America, Latin America and Japan. He was elected Chairman and Chief Executive Officer in February 1999.
“It is clear that Glen’s extensive business strategy experience will be invaluable to Firefly Energy,” said Edward F. Williams, CEO of Firefly Energy. “He fostered a culture of innovation within Caterpillar that has kept it the leader in its industry. He has supported the growth of technology ventures, such as Firefly, realizing their market potential, and we will look to his tenured knowledge as we bring category-changing new battery products to market.”
Barton graduated from the University of Missouri-Columbia in 1961 with a bachelor's degree in civil engineering and currently serves on the Dean’s Engineering Advisory Council. He completed the Stanford University Executive Program in 1977. He serves on the Board of Directors of Inco Limited, Valmont Industries and Newmont Mining Corporation. He is very active in the Peoria Illinois community, currently serving as Chairman of the Peoria Civic Federation, President of Tri-County Venture Capital Fund, and was founding director of Peoria NEXT, the community's innovative economic development program.
For more information, contact Mil Ovan, Senior Vice President and Co-Founder, Firefly Energy Inc. at 309.690.7502 or e-mail movan@fireflyenergy.com.
About Firefly Energy (www.fireflyenergy.com):
Firefly Energy Inc. (“Firefly”) is in the business to produce and license advanced lead-acid battery technologies, which hold the opportunity for a major impact in the $30 billion worldwide battery market. The technology can deliver a disruptive combination of high performance, extremely low weight and reduced cost in a battery utilizing traditional, but non-corrosive, lead-acid chemistry. Firefly’s technology delivers a performance associated with advanced materials (Nickel Metal Hydride & Lithium) at a cost similar to lead acid batteries. The company was launched as a spin-out from Caterpillar on May 1, 2003, and is headed by co-founders Edward Williams (CEO), Mil Ovan (Sr. VP), and Kurtis Kelley (Chief Scientist). Investors include Caterpillar, United Defense, L.P. (NYSE: UDI), Chicago-area Venture Capital firm KB Partners, the State of Illinois’ Illinois Finance Authority, and Electrolux (SSE: ELUX-B).
