New Enterprise Associates, a global venture capital firm, has hired solar industry veteran PM Pai as a venture partner.
New Enterprise Associates, a global venture capital firm, has hired solar industry veteran PM Pai as a venture partner.
Pai (pictured), who has more than 30 years of manufacturing and mass production expertise spanning several industries, will work with NEA’s energy technology team to advance the firm’s portfolio of more than two dozen companies in the sector.
"PM brings a wealth of expertise in manufacturing and production to bear at an incredibly pivotal moment for the industry, and NEA is very excited to welcome him to our energy technology team," says Peter J. Barris, managing general partner of NEA. "Only by rapidly commercializing promising new technologies can the US reduce its dependency on foreign resources and lower the cost of clean, renewable energy, and PM is among the most highly regarded leaders in this space."
"I am very pleased to be associated with NEA and to play a role in the fast-track development of the firm’s renewable energy portfolio companies," says Pai. "NEA has some very innovative technology companies in its portfolio and I look forward to strategically assisting these companies throughout their growth and expansion to be leading players in the sector."
Pai is currently a director of two NEA portfolio companies: Suniva, a manufacturer of high value monocrystalline solar cells; and Deeya Energy, developer of an advanced energy storage platform.
From April 2005 to July 2008, Pai was the chief operating officer of SunPower and was responsible for strategic planning, production expansion, and supply chain development on a worldwide basis. Prior to SunPower, he served for four years as president of Moser Baer India, the world’s second largest manufacturer of optical storage media.
NEA’s portfolio companies in the energy technology sector represent approximately USD500m of committed capital. The firm’s broad portfolio of investments includes companies in solar, nuclear, advanced batteries, fuel cells, smart grids, lighting, and energy-efficient building material.
