Baltimore Technologies, the trailblazing internet security firm, is to exit the IT sector and concentrate its US$25m cash reserves on building clean energy systems.
In a statement, the company said its future growth would come from exploiting the growing demand for clean energy on competitive terms by overcoming the cost and efficiency constraints usually associated with renewable energy.
To drive its new strategy, the London-listed firm announced the appointment of several senior executives. They include a new chief executive, David Weaver, formerly managing director Europe, BP Gas, Power and Renewables; a non-executive director and chairman of the Audit Committee, John Uttley, a former finance director of National Grid Group plc and the Central Electricity Generating Board; chief financial officer designate Alfredo Goyanes, a former head of European Energy Research, Lazard, and two new non-executive directors: Richard Eyre (former CEO of ITV) and James Huston (ex CEO of Nuon Solutions).
Two other executives will leave the board, namely, non-execs Simon Enoch and George Powlick and chief financial officer Denis Kelly.
Current chief executive Bijan Khezri, who now takes on the chairman role, said: “Over the last six months the Board has been reviewing the options available to the company. Having examined these options, we are excited to present a credible plan focused on delivering clean energy solutions to business. We believe this strategy provides optimal leverage of Baltimore’s structure and asset base and should deliver sustained and profitable growth for shareholders.
“The Board is confident that these initiatives will provide our shareholders with a distinct and attractive investment opportunity and look forward to their confirmation of this.
New chief executive David Weaver, added: “We are committed to building a leading energy company focused on meeting business’ demand for clean energy solutions, which are commercially competitive. The team announced today combines some of the strongest industry expertise and track record to achieve this goal and exploit the significant growth potential of this market for the benefit of Baltimore’s shareholders.”
By Brian Skelly