BOCA RATON – New Energy Technologies, Inc. (OTCBB: NENE) announced the appointment of its new Chief Operating Officer, Mr. Andrew T. Farago, who brings specific expertise with nurturing growth companies, building corporate partnerships, clean-tech finance, hedge-fund management and operations, and environmental law. Mr. Farago will be working out of the Boca Raton office.
Mr. Andrew T. Farago
Mr. Farago has 16 years of investment, hedge fund, and legal experience in renewable and alternative energy. He is credited with helping grow assets under management from $20 million to over $800 million during his tenure at RNK Capital, LLC, a New York based investment management company, focused exclusively on energy, clean-tech, and the trading of environmental credits. In addition to operations and finance, Mr. Farago has negotiated and structured the purchase and sale of Renewal Energy Credits (RECs) with total notional value exceeding $40 million.
Mr. Farago was an early mover in the environmental credit trading markets including Carbon, Renewable Energy Credits (solar, wind, biomass, etc.), and emission reduction credits, among others. He has participated in numerous first-in-kind environmental transactions and has been an active investor in clean technology.
“Coming from an energy-centric career on Wall Street, Andrew brings to our Company a rare blend of talent and experience which includes corporate development, finance, alternative and renewable energy transactions, and environmental law,” explained Mr. John A. Conklin, President and CEO of New Energy Technologies, Inc. “I’m proud to welcome Andrew to our team during this very exciting time, especially in light of the important progress we’ve made in recent quarters.”
Previously, Mr. Farago served as President and Securities Principal for Temper of the Times Investor Services, Inc. responsible for overseeing and expanding the general operations of the business. He also has worked as an equity trader with Schonfeld Securities, LLC, a proprietary equities trading firm, where he managed the trading activity of new and mid-level equities traders.
Mr. Farago began his career as a practicing attorney for Prudential Securities, Inc. handling trading and investment related matters, and he also worked at AIG, Inc. in environmental litigation.
New Energy Technologies, Inc., together with its wholly owned subsidiaries, is a developer of next generation alternative and renewable energy technologies. Among the Company’s technologies under development are:
• MotionPower™ roadway systems, for generating electricity by capturing the kinetic energy produced by moving vehicles – a patent-pending technology, the subject of nine patent applications in the United States and two international patent filings. An estimated 250 million registered vehicles drive more than six billion miles on America’s roadways, every day.
• SolarWindow™ technologies, which enable see-thru windows to generate electricity by ‘spraying’ their glass surfaces with New Energy’s electricity-generating coatings. These solar coatings are less than 1/10th the thickness of ‘thin’ films and make use of the world’s smallest functional solar cells, shown to successfully produce electricity in a published, peer-reviewed study in the Journal of Renewable and Sustainable Energy of the American Institute of Physics.
For additional information, please visit: www.newenergytechnologiesinc.com.