NEA Welcomes Solar Industry Veteran and Former SunPower COO PM Pai as Venture Partner

NEA Welcomes Solar Industry Veteran and Former SunPower COO PM Pai as Venture
Partner

WASHINGTON, Aug. 17 /PRNewswire/ -- New Enterprise Associates, Inc. (NEA), a
leading global venture capital firm, today announced that solar industry
veteran PM Pai has joined the firm as a Venture Partner. Mr. Pai, who has more
than 30 years of manufacturing and mass production expertise spanning several
industries and is the former Chief Operating Officer (COO) of SunPower, will
work with NEA's energy technology team to advance the firm's robust 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," said Peter J. Barris, Managing General
Partner of NEA. "Only by rapidly commercializing promising new technologies
can the U.S. 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,"
said Mr. 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."

Mr. Pai is currently a director of two NEA portfolio companies, Suniva, Inc.,
a manufacturer of high value monocrystalline solar cells, and Deeya Energy,
developer of an advanced energy storage platform. From April 2005 to July
2008, Mr. Pai was the COO 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 Ltd., the world's second largest manufacturer of optical storage media.
Mr. Pai graduated from Mysore University, India, in Mechanical Engineering.
His graduate work also includes an M.Tech Industrial Engineering, with
distinction, from IIT Chennai and the Advanced Management Program (ISMP) at
Harvard Business School.

NEA's portfolio companies in the energy technology sector represent
approximately $500 million 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.

About NEA
New Enterprise Associates, Inc. (NEA) is a leading venture capital firm
focused on helping entrepreneurs create and build major new enterprises that
use technology to improve the way we live, work and play. Since its founding
in 1978, the firm has followed the same core principles: supporting its
entrepreneurs, providing an excellent return to its limited partners, and
practicing its profession with the highest standards and respect. Through its
affiliated funds, NEA focuses on investments at all stages of a company's
development, from seed stage through IPO. With approximately $8.5 billion in
committed capital, NEA's experienced management team has invested in over 650
companies, of which more than 160 have gone public and more than 250 have been
acquired. NEA has U.S. offices in Chevy Chase, Maryland; Menlo Park,
California; and Baltimore, Maryland. In addition, New Enterprise Associates
(India) Pvt. Ltd. has offices in Bangalore and Mumbai, India and New
Enterprise Associates (Beijing), Ltd. has offices in Beijing and Shanghai,
China. For additional information, visit www.nea.com.

SOURCE New Enterprise Associates, Inc.

Tracy Howe of New Enterprise Associates, Inc., +1-410-244-0115, thowe@nea.com