SunEdison, the shrinking renewable energy development company, shifted its current chairman of the board, Emmanuel Hernandez, to the role of executive chairman. Peter Blackmore stepped down from the SunEdison board to join TerraForm Power and TerraForm Global as chairman of the board at both firms. Steven Tesoriere resigned from the boards of TerraForm Power and TerraForm Global, but will stay on the SunEdison board.
Brian Wuebbels, SunEdison's EVP and CFO, will assume the additional roles of CEO of TerraForm Power and TerraForm Global, succeeding Carlos Domenech, who is leaving TerraForm Power, TerraForm Global and SunEdison.
Avondale Partners views the management changes as "a crucial first step in acknowledging strategy missteps that have placed the entire complex in a position of financial stress; the operators are taking back the reins from the bankers."
SunEdison stock was up 37 percent on Monday on news of a $350 million Indiansolardeal and these management moves.
SolarCity promoted COO Tanguy Serra to the new role of president, reporting to CEO Lyndon Rive. The installer/financier also announced that CFO Brad Buss is to retire in 2016. Serra will continue to oversee SolarCity's operations, and has assumed management of SolarCity's structured finance, asset management and investor relations units. Prior to joining SolarCity, Serra served as CEO of Vivint Solar, and before that, he was a VP at TPG Capital.
David Millar was promoted to principal of energy policy modeling and analysis at Pacific Gas and Electric.
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Achates Power is developing an opposed-piston diesel engine that it says can improve fuel economy by up to 15 percent at a cost that is 10 percent to 15 percent lower than the standard. The startup added Hal Harvey, CEO of Energy Innovation, and Frank Macher, chairman and CEO of Continental Structural Plastics, to its board of directors. Harvey is a senior fellow for energy and the environment at the Paulson Institute. Previously, he was CEO of ClimateWorks Foundation. Macher was CEO of Collins & Aikman; chairman and CEO of Federal-Mogul; and CEO of ITT Automotive. Macher also held several positions at Ford Motor Company, including VP of the automotive components group. The startup is backed by Sequoia Capital, RockPort Capital, Madrone Capital, InterWest and Triangle Peak.
LDK Solar announced the resignation of Xingxue Tong as CEO for personal reasons. The firm's chairman, Zhibin Liu, will assume the leadership role. LDK is a vertically integrated manufacturer of solar products.
From last week's jobs column:
Coda Energy designs, builds, and finances commercial energy storage systems. As we've reported, Coda Energy has been building a portfolio of behind-the-meter energy storage projects in six states -- the same approach taken by startups like Stem, Green Charge Networks and SolarCity. GTM learned of layoffs at the firm and asked Coda to comment. Here's the statement from the company:
CODA Energy laid off 25 employees, approximately half of whom were in the sales and marketing department. CODA retains a workforce of 38 people, including the core sales and marketing team, who will focus on next generation product development and the management of our growing fleet of energy storage systems. To date, CODA has successfully installed a fleet of approximately 60 commercial energy storage systems in California under the SGIP program. According to CEO Paul Detering, “CODA is committed to the long term success of our business, as well as our customers’ business. We view yesterday’s activities as a proactive shift in the direction that will best enable that success while responsibly adapting to the conditions of the emerging California energy storage market.”