Firefly Energy Inc. has announced the addition of two new members to its board of directors. They are Mark Pflederer, vice president with responsibility for the Technology & Solutions Division and chief technology officer of Caterpillar Inc. and Mak Mirhakimi, general manager for Caterpillar's OEM Solutions Group.
Firefly uses a new graphite foam nanotechnology that produces energy comparable with NiCad or Lithium batteries, but at a fraction of the cost. While Firefly's design uses lead-acid chemistry, it requires 50% less lead and is lighter and longer lasting than traditional lead-acid batteries.
"It is clear that Mark and Maks' extensive engineering and new product development experience will be invaluable to Firefly Energy," said Edward F. Williams, CEO of Firefly Energy. "Both executives have fostered a culture of excellence within Caterpillar, contributing to this company's industry leadership position. We look forward to their tenured knowledge enhancing Firefly Energy's strategies and execution as we bring innovative battery products to market."
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 battery technology can deliver a combination of high performance and extremely low weight along with reduced cost using a 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 (Senior VP), and Kurtis Kelley (Chief Scientist).
Investors include Caterpillar, BAE Systems, Chicago-area Venture Capital firm KB Partners, the State of Illinois' Illinois Finance Authority, and Electrolux.
