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HelioVolt Adds Two Board Members to Support Commercial Expansion

Paladin Principal and Sequel Partner Join Solar Thin Film Leader's Board of Directors

Austin, Texas – November 19, 2007 — HelioVolt Corporation, a producer of highly-efficient thin film solar products, today announced two key additions to the company's Board of Directors. E. Kenneth Pentimonti, principal at Paladin Capital and Ronald D. Bernal, partner at Sequel Venture Partners, join the board as HelioVolt moves to commercial application of its proprietary rapid transfer printing process for CIGS thin film photovoltaics. Both new board members recently participated as investors in HelioVolt's $101 million Series B funding round, which will be used to help fund global scale-up for the company.

"As we move beyond proof of concept to commercial production in the coming year, Ken and Ron bring the invaluable market insight, strategic relationships and operational know-how necessary to successfully translate a promising solar technology into a world-class commercial enterprise," said HelioVolt CEO and founder, Dr. BJ Stanbery.

In his current role at Washington, DC-based Paladin Capital, Ken Pentimonti guides private equity investment in early stage companies that address homeland security issues and concerns. Pentimonti has extensive experience with the Paladin Homeland Security Fund where he is actively involved in Paladin's investment activities in alternative energy and renewable fuels. Prior to joining Paladin, Pentimonti spent six years as an investment banker with JP Morgan Chase. Pentimonti received his B.A. degree in Economics and Political Science from Stanford University, and his M.B.A. from the Anderson School at UCLA.

"As the vulnerabilities of our current centralized energy model become increasingly apparent, solar energy's ability to predictably generate electricity at the very site where it is needed makes technologies like HelioVolt's a key element of our improved energy security," says Pentimonti.

Sequel Partners' Ron Bernal brings diverse and extensive expertise in scaling operations at high growth companies. Prior to Sequel, Bernal served as a Venture Partner at Sutter Hill Ventures, one of Silicon Valley's oldest established venture capital firms. Bernal held previous roles as vice president of operations at Cisco Systems and senior vice president and general manager at Silicon Graphics. As part of this role, Bernal successfully grew the Supercomputing Systems Division to the largest supercomputing vendor in the world.

"As thin film solar continues to gain market traction, HelioVolt's breakthrough production process will more than speak for itself," says Bernal. "The most thrilling part of the venture world is driving technological advancements that are truly disruptive; HelioVolt is doing just that."

Bernal and Pentimonti will be joining Dr. Stanbery, as well as NEA Venture Partner Jimmy Treybig, NEA General Partner Scott Sandell, and Builder Homesite CEO Tim Costello on HelioVolt's Board of Directors.

About HelioVolt

HelioVolt Corporation was founded in 2001 in order to develop and market new technology for applying thin-film photovoltaic coatings to 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 CIS and related compound semiconductors. FASST® is a low-cost, flexible manufacturing process for CIGS synthesis and is protected by eight issued US patents with three additional applications pending, and two issued foreign patents with one accepted patent application and nine additional applications pending. For additional information, visit

About Paladin Capital Group

Headquartered in Washington D.C., Paladin Capital Group is a premier private equity firm that provides expansion capital for growing, worker-friendly companies. Paladin has over $700 million under management and operates several distinct funds with 27 portfolio companies. Paladin's Homeland Security Fund invests in enterprises whose principal business centers on products and services that address homeland security issues and needs. Importantly, the fund's leadership is comprised of individuals with a proven track record of financial expertise, national security experience and specialized technical competence. For more information, see

About Sequel Venture Partners

Sequel Ventures Partners is a Boulder, Colorado-based venture capital firm specializing in early-stage funding for emerging technology businesses located primarily in the Rocky Mountain region. Managing over $400 million in capital, Sequel focuses its investments in the areas of information technology, communications technology and health care.