Distributed Energy Systems Corp. , which creates and delivers products and solutions for the decentralized energy marketplace, said today that on Friday, August 24, 2007, it completed the previously announced $15 million financing with an investment fund managed by Perseus, L.L.C., a merchant bank and private equity fund management company. Distributed Energy Systems also named two Perseus representatives to serve as directors in place of two senior company executives. As a result of the agreement on the new composition of the Board of Directors, John C. Fox, a senior managing director of Perseus, and Michael L. Miller, a Perseus managing director, have become directors of Distributed Energy Systems, effective immediately, taking the places of two company executives -- Ambrose L. Schwallie, chief executive officer; and Walter W. (Chip) Schroeder, president.
John C. Fox is a senior managing director of Perseus. Prior to joining Perseus in 2000, Mr. Fox was chief operating officer of Ontario Power Generation Inc. (formerly Ontario Hydro), where he was responsible for operations for one of the largest electric utilities in North America. He served as executive vice president of the Canyon Group, a Los Angeles-based marketing and management consultancy during 1992 and 1993. From 1981 to 1992, Mr. Fox held various management positions with Pacific Gas and Electric Company (PG&E) in San Francisco, California, including manager, energy efficiency services. During 1992, he served as the head of the Energy Efficiency Task Force, President Bush's Commission on Environmental Quality. Mr. Fox is a board member of NxtPhase T&D Corporation, Serveron Corporation, Puralube, Inc., and Soft Switching Technologies Corporation. He also serves as a member of the Board of Directors for the Alliance to Save Energy and Rocky Mountain Institute. Mr. Fox holds a B.S. in civil engineering from the University of Toronto and an M.B.A. from McMaster University in Hamilton, Ontario.
Michael L. Miller is a managing director of Perseus. Prior to joining Perseus in 2005, Mr. Miller was the managing partner of Mill Consulting Group, an investment banking boutique specialized in assisting small and medium sized enterprises in the identification and execution of strategic capital formation and M&A transactions. He served as one of four partners at Swiss Life Private Equity Partners AG in Zurich, Switzerland during 2002 and 2003. Mr. Miller was vice president and group head of Principal Investments at Enron North America in Houston, Texas, where he focused on investments in new energy technologies. He founded and led UBS Capital GmbH, the Frankfurt-based private equity investment unit of the Union Bank of Switzerland Group in Germany. He started his career in the mergers and acquisitions department of Salomon Brothers, Inc. in New York City and Frankfurt, Germany. Mr. Miller is a member of the Board of Directors of Chroma Energy, Inc., Serveron Corporation, SEVA Energie AG, and Habitat for Humanity of Montgomery County (TX) and is an advisor and mentor to the Energy Program of the Houston Technology Center. He holds a B.S. in chemical engineering, a B.A. in German, and an M.B.A. from Rice University.
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