ABSL Power Solutions Hires David Cade as President of the Americas
15th November 2005
UK-based ABSL Power Solutions Ltd ("ABSL", "the Company"), formerly AEA Technology Battery Systems Ltd, announced today that Mr. David J. Cade has joined the Company as President of the Americas.
In this capacity, Mr. Cade will head up ABSL's initiatives in the Western Hemisphere, including sales, marketing and business development, as well as joint technology development programs and manufacturing/production activities with selected partners. Mr. Cade joins ABSL just as the Company has been acquired by Coller Capital Limited of Washington, D.C., taken its new name, and is in the process of incorporating in the U.S.
Prior to joining ABSL, Mr. Cade spent ten years with Lithium Technology Corporation, a publicly traded rechargeable lithium battery manufacturer in Plymouth Meeting, PA, where he was President & COO for three years and then Chairman & CEO for five years. Before that, he held executive positions in sales, marketing and business development with InterDigital Communications Corporation; Communications Satellite Corporation; Martin Marietta Corporation; and AT&T Corporation. Mr. Cade, a former US Air Force officer, holds an MBA from Syracuse University and a bachelor's degree from the University of Illinois; he is also a graduate of Columbia University's Senior Executive Program, and the National War College, Washington, D.C.
ABSL (www.abslpower.com) is a world-leading power systems integrator with a heritage encompassing the original patents on lithium-ion battery technology. The Company researches, designs, develops and manufactures advanced lithium-ion battery packs, smart chargers and power management architectures and tools for highly demanding markets including defense, aerospace, marine and medical. The Company presently has a multi-million dollar revenue base and a workforce of 190 employees spread among the headquarters and manufacturing plant in Thurso, UK; technology and logistics center in Glengarnock, UK; and science center at Culham, UK.
ABSL continues to have access to the state-of-the-art lithium-ion cell manufacturing facility at Thurso, AGM Batteries Ltd, whose majority owner is ABSL’s former parent company, AEA Technology plc. Because of ABSL's historic relationships with the world's premier lithium-ion cell manufacturers, the Company also has access to other unique cells for its power systems integration business. In addition, ABSL is actively exploring the various micro fuel cell technologies to develop hybrid systems for its customers' applications.
The sale of ABSL to Coller Capital was completed on October 7, 2005. As the leading global investor in private equity secondaries, Coller Capital has demonstrated a successful track record in nurturing and expanding selected technology companies. Under the new ownership of Coller Capital, ABSL will have access to the resources required to address new initiatives, including entering the U.S. market. The Company's previously announced partnership with Mississippi State University entails establishment of an R&D/production facility to produce portable power systems in support of national security and space applications. The initial facility will be in the (Senator) Thad Cochran Research, Technology and Economic Development Park adjacent to the University.
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