-- Rich Rosenberg, Veteran ExxonMobil Executive, and Andrew Lee, Upstream Expert, Join Summit Team
SEATTLE, June 13, 2013 /PRNewswire/ -- Summit Power Group, a leading developer of renewable power and low-carbon energy projects, announced yesterday that Rich Rosenberg and Andrew Lee have accepted executive positions in the company's business unit focusing on carbon capture and emerging clean energy technologies. Mr. Rosenberg has joined Summit as the Director of Strategic Relationships and Mr. Lee will serve as Vice President, Upstream Development.
"Summit is working to create commercial opportunities for low and no-carbon power generation," said Eric Redman, President and CEO of Summit Power Group. "We are very pleased to have Rich and Andy on board to help lead our expanding carbon capture and utilization development activities. By geologically sequestering captured CO2 from power plants in oilfields that can use the CO2 to enhance production, we can gain a revenue contribution from oil that helps make possible CO2 capture, carbon sequestration, and ultra-low carbon electric power."
Rich Rosenberg will specialize in helping raise capital for Summit's carbon-capture projects. He joins Summit after 38 years with ExxonMobil, where he held senior financial management positions. As Vice President, Mr. Rosenberg managed the financial functions of the global exploration and production business unit for ten years. Prior to that, Mr. Rosenberg held the position of Senior Vice President of Exxon Company, USA, where he was also a member of the management committee. In addition, Mr. Rosenberg worked as Finance Director of Esso UK in London and served on that company's board of directors.
"I am delighted to join Summit's world-class team at this critical juncture in the carbon-capture industry," said Rosenberg. "Summit's commitment to developing commercially successful projects that substantially reduce the carbon footprint of fossil fuels is the cutting-edge of sustainable energy development."
Mr. Rosenberg will be joined at Summit by Andrew Lee, who will lead the company's global upstream activities for secure geological sequestration of captured CO2, including for enhanced oil recovery (EOR) projects.
Mr. Lee built up his technical credentials during eight years of work as a Senior Drilling Engineer for ExxonMobil at oilfields in West Texas, the Rockies, Gulf of Mexico, and Norway. Mr. Lee then transitioned to energy finance, advising hedge-fund managers on exploration and production opportunities. Most recently, he worked at a private equity fund with a focus on oil production in Texas and Oklahoma.
"I am thrilled to be joining Summit, a firm at the forefront of carbon-capture project development," stated Lee. "This position presents a terrific opportunity to apply my financial and technical experience to a promising set of projects that produce both oil and ultra-low carbon electric power."
Carbon capture and sequestration via EOR is currently the only oil-recovery technique that results in secure geologic storage of carbon dioxide. Injection of captured CO2 for EOR reduces CO2 emissions to the atmosphere while increasing available oil reserves. Any CO2 that comes to the surface with the produced oil is re-compressed and re-injected, ultimately becoming permanently trapped underground. The resulting oil does not add to total world oil consumption or demand, but instead replaces the equivalent volume of oil otherwise produced by traditional, emissions-intensive means.
The expansion of Summit's team comes at a key moment in the company's development of several natural-gas and coal-feedstock power plants with carbon capture and sequestration via EOR capability in the United States and abroad. The company is developing such projects under a dedicated business unit, Summit Carbon Capture. Summit is also a successful developer of renewable energy projects, including utility-scale solar projects and approximately 1,000 megawatts of operating wind energy projects.
Rich Rosenberg received a master's degree in Management from the Massachusetts Institute of Technology, Sloan School, and earned a B.S. in Industrial Engineering from Northeastern University.
Andrew Lee holds an MBA from the Wharton School at the University of Pennsylvania. He is also is an alumnus of the Massachusetts Institute of Technology, where he earned bachelor's degrees in both Mechanical Engineering and Political Science.
About Summit Power Group, LLC
Summit Power Group, LLC excels in the innovative development of clean electric power projects. Led by experienced professionals with an extensive knowledge of the energy industry in the United States and abroad, Summit has a remarkable track record of developing large, low-carbon energy projects with over 7,000 megawatts of electric power plants in operation, and over 2,000 MW in development or under construction. Total Summit-led projects in service or under contract, including O & M agreements, represent over 7 billion dollars of investment.
Summit Power Group, LLC
SOURCE Summit Power Group, LLC