The Board of Directors of Distributed Energy Systems Corp. (Nasdaq: DESC) announced it appointed Ambrose L. Schwallie as CEO and a director of the company. Mr. Schwallie comes to the company from Washington Group International (Nasdaq: WGII), an integrated engineering, construction, and management solutions company, where he served as president of its defense business unit. He is a 26-year veteran of Westinghouse Electric where he headed a business unit that was acquired by WGII in 1999.
Distributed Energy was created in late 2003 when Proton Energy Systems acquired Northern Power Systems. Both Proton and Northern Power are leading developers of advanced energy technologies and services to the new energy marketplace.
Walter W. “Chip” Schroeder, Distributed Energy’s president, continues as its president and a member of the Board of Directors. He was a founder of Proton and has led the company since its inception in 1996.
Distributed Energy also said today its preliminary expectation is to report 2005 total revenues that are approximately double 2004’s revenues of $22 million. The company also expects its fourth-quarter per share results for 2005 to be better than the loss of $0.11 cents it reported for the fourth quarter of 2004. Distributed Energy plans to report its actual fourth quarter and year-end results in early March.
“Ambrose Schwallie’s skills and accomplishments are perfectly suited to moving Distributed Energy to the next level,” said Mr. Schroeder. Dr. Robert W. Shaw, Jr., Distributed Energy’s chairman, stated: “Under Chip Schroeder’s direction, the company has emerged from early stage to commercial — with substantially improved performance in 2005. We are enthusiastic that we have been able to attract Ambrose to work with Chip and lead our team, particularly with his record of rapid, substantial and profitable growth at the Washington Group business unit he has led during the past several years.”