Energy Focus, Inc. (NASDAQ: EFOI), a leader in LED lighting
technologies, today announced it has appointed venture capital
veteran Steve Socolof to its Board of Directors (the “Board”)
effective May 21, 2019.
Mr. Socolof is a Managing Partner of Tech Council Ventures
(“TCV”), a venture fund investing in early-stage growth companies
in the Mid-Atlantic region and sponsored by the NJ Tech Council
industry association, which has approximately 1,000 corporate and
university members. He is currently on the board of Stratis IoT,
SunRay Scientific, and Vydia as well as Everspin Technologies, a
NASDAQ listed semiconductor and electronics technology company. He
was recently a director of Airclic (sold to Descartes Systems),
Alverix (sold to Beckton Dickinson & Company), Neohapsis (sold
to Cisco Systems), Silicon Hive (sold to Intel Corporation), Sychip
(sold to Murata Manufacturing Co.), and an observer of Flarion
Technologies (sold to Qualcomm Inc.).
Before his venture capital career, Mr. Socolof created and ran
the venture incubator for Lucent’s Bell Laboratories for 5 years,
and then formed and ran New Venture Partners for 15 years investing
in commercialization of technologies spun out of corporate labs.
Previously, he spent 8 years with the management-consulting firm
Booz, Allen & Hamilton, where he was a leader of the practice
focused on enhancing corporate innovation.
Mr. Socolof has also been a leader in the corporate venture
community and was Chair of the Corporate Venture Group within the
National Venture Capital Association and on the Advisory Board of
Global Corporate Venturing. Mr. Socolof received an MBA degree from
The Amos Tuck School at Dartmouth College, where he is currently on
the board of the Center for the Study of Venture Capital &
Private Equity. He received degrees in Economics and Mathematical
Sciences from Stanford University.
“We are very excited to have Steve join our Board as we
transition to the next phase of growth,” said James Tu, Chairman,
CEO & President. “Steve has been a professional, accomplished
and well-respected technology investor for over 20 years, helping
numerous startups commercialize technologies, scale operations,
form alliances and execute M&As. Steve also brings a wealth of
experience in enterprise software, wireless communications,
building intelligence and environmental technologies that are
particularly relevant to Energy Focus we accelerate towards
integrating a myriad of disruptive technologies to enable connected
lighting and optimize building energy efficiency in the most
impactful and practical manner. We look forward to Steve’s
contributions to our innovation and expansion initiatives in the
years ahead.”
“As buildings represent approximately 40% of global energy
consumption with lighting being a significant component of, I’m
excited about working with James, who brings tremendous passion and
vision, to help Energy Focus make a substantial impact on
environmental sustainability,” said Mr. Socolof.
About Energy Focus
Energy Focus is an industry-leading innovator of
energy-efficient LED lighting technologies. As the pioneer of
direct-wire LED tubes and creator of the first UL-verified low
flicker LED products, Energy Focus products provide extensive
energy and maintenance savings, and aesthetics, safety, health, and
sustainability benefits over conventional lighting. Since 2007, the
accumulated failure rate of our LED products has been well less
than 0.1%, meaning over 99.9% of the millions of products we sold
are still working today. Our customers include U.S. and foreign
navies, U.S. federal, state and local governments, healthcare and
educational institutions, as well as Fortune 500 companies. Energy
Focus is headquartered in Solon, Ohio. For more information, visit
our website at www.energyfocus.com
Forward Looking Statements
Forward-looking statements in this release are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Generally, these statements can be identified
by the use of words such as “believes,” “estimates,” “anticipates,”
“expects,” “seeks,” “projects,” “intends,” “plans,” “may,” “will,”
“should,” “could,” “would” and similar expressions intended to
identify forward-looking statements, although not all
forward-looking statements contain these identifying words. These
forward-looking statements include all matters that are not
historical facts and include statements regarding our current
expectations concerning, among other things, our results of
operations, financial condition, liquidity, prospects, growth,
strategies, capital expenditures and the industry in which we
operate. By their nature, forward-looking statements involve risks
and uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. Although we
base these forward-looking statements on assumptions that we
believe are reasonable when made, we caution you that
forward-looking statements are not guarantees of future performance
and that our actual results of operations, financial condition and
liquidity, and industry developments may differ materially from
statements made in or suggested by the forward-looking statements
contained in this release. We believe that important factors that
could cause our actual results to differ materially from
forward-looking statements include, but are not limited to: (i) our
history of operating losses and our ability to effectively
implement cost-cutting measures and generate sufficient cash from
operations or receive sufficient financing, on acceptable terms, to
continue our operations; (ii) our reliance on a limited number of
customers, in particular our historical sales of products for the
U.S. Navy, for a significant portion of our revenue, and our
ability to maintain or grow such sales levels; (iii) the entrance
of new competitors in our target markets; (iv) general economic
conditions in the United States and in other markets in which we
sell our products; (v) our ability to implement and manage our
growth plans to diversify our customer base, increase sales, and
control expenses; (vi) our ability to increase demand in our
targeted markets and to manage sales cycles that are difficult to
predict and may span several quarters; (vii) the timing of large
customer orders and significant expenses, and fluctuations between
demand and capacity, as we invest in growth opportunities; (viii)
our dependence on military maritime customers and on the levels of
government funding available to such customers, as well as funding
resources of our other customers in the public sector and
commercial markets; (ix) market acceptance of LED lighting
technology; (x) our ability to respond to new lighting technologies
and market trends, and fulfill our warranty obligations with safe
and reliable products; (xi) any delays we may encounter in making
new products available or fulfilling customer specifications; (xii)
our ability to compete effectively against companies with greater
resources, lower cost structures, or more rapid development
efforts; (xiii) our ability to protect our intellectual property
rights and other confidential information, and manage infringement
claims by others; (xiv) the impact of any type of legal inquiry,
claim, or dispute; (xv) our reliance on a limited number of
third-party suppliers, our ability to obtain critical components
and finished products from such suppliers on acceptable terms, and
the impact of our fluctuating demand on the stability of such
suppliers; (xvi) our ability to timely and efficiently transport
products from our third-party suppliers to our facility by ocean
marine channels; (xvii) our ability to successfully scale our
network of sales representatives, agents, and distributors to match
the sales reach of larger, established competitors; (xviii) any
flaws or defects in our products or in the manner in which they are
used or installed; (xix) our compliance with government contracting
laws and regulations, through both direct and indirect sale
channels, as well as other laws, such as those relating to the
environment and health and safety; (xx) risks inherent in
international markets, such as economic and political uncertainty,
changing regulatory and tax requirements, currency fluctuations and
potential tariffs and other barriers to international trade; (xxi)
our ability to attract and retain qualified personnel, and to do so
in a timely manner; and (xxii) our ability to maintain effective
internal controls and otherwise comply with our obligations as a
public company and under Nasdaq listing standards.
Media Contact:Ashley TolfoEnergy Focus,
Inc.(800) 327-7877atolfo@energyfocus.com
Investor Contacts:Satya ChillaraJim
FanucchiDarrow Associates, Inc.(510) 396-2776ir@energyfocus.com
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