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HelioVolt Adds Two VPs to Guide Manufacturing and Operations

Solar Thin Film Manufacturer Gains Executives from Applied Materials and Essilor Laboratories

Austin, Texas – May 23, 2007 — HelioVolt Corporation, a producer of highly-efficient thin film solar products, today announced that it has added two new vice presidents to its executive management team in preparation for continued expansion of the company's manufacturing capabilities. Larry Peruffo joins as vice president of supply chain, and David Bowen joins as vice president of manufacturing operations for the growing company.

"Over the course of more than 25 years spent studying, inventing, and engineering photovoltaics, it's become clear to me that the speed and efficiency of the manufacturing process is central to producing cost-effective solar energy products. HelioVolt is now ready to build on its core innovation – our proprietary FASST® process for rapid CIGS thin film manufacturing to secure economies along the entire value chain of the production process, from materials through systems-level engineering," said B.J. Stanbery, Ph.D., CEO of HelioVolt Corporation. "The operational, manufacturing, and global logistics acumen embodied by both Mr. Peruffo and Mr. Bowen will be an invaluable addition to our already strong team as HelioVolt executes on its plans for production scale-up and delivery to worldwide markets."

Larry Peruffo comes to HelioVolt following a 24-year tenure at Applied Materials where he served most recently as managing director of materials. During his time at Applied Materials, Mr. Peruffo established a record of success in leading dramatic manufacturing and supply chain process improvements for a range of high-growth, complex technologies. In his new role at HelioVolt, Mr. Peruffo will be applying that extensive expertise to developing the global supply chain required to implement the company's FASST® manufacturing process across its growing line of thin film-enabled solar energy products.

Prior to joining HelioVolt, David Bowen was VP of operations and technology at Essilor Laboratories of America, a world leader in ophthalmic optics. In his role at Essilor, he ensured successful transition of the company's technology from research and development to large-scale production. Formerly, Mr. Bowen spent twelve years with Black & Decker, where he managed global operations strategy for the established international power tool leader. Mr. Bowen will guide strategic operations for HelioVolt as the company expands product development and manufacturing capabilities in the U.S. and abroad.

About HelioVolt

HelioVolt Corporation was founded in 2001 in order to develop and market new technology for applying thin-film photovoltaic coatings to a variety of substrates including conventional construction materials. The company's proprietary FASST® process, based on rapid semiconductor printing, was invented by HelioVolt founder Dr. Billy J. Stanbery, an eminent expert within the international PV community in the materials science of CIGS and related compound semiconductors. FASST® is a low-cost, flexible manufacturing process for CIGS synthesis and is protected by both eight issued US patents and by global patents pending. For additional information, visit