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Fluitec International, a rapidly growing clean tech company that increases the availability of large power generation machinery through real-time analysis, condition monitoring and contamination control has named Frank Magnotti to be its president and CEO, the company announced on January 25.
Magnotti has been involved in key leadership positions with AT&T Bell Labs and Lucent Technologies, founding and growing the Utilities Solution Division. Most recently, he founded Comverge, a leading clean tech, smart grid company that went public in April 2007.
André Annicq, who will continue as chairman, commented, "We are very pleased to add an executive the caliber of Mr. Magnotti. His expertise in the utility sector, technology, R&D and growing a venture-backed company into a public entity will help provide the leadership needed in this high-growth phase."
"Fluitec International has the technology, talent and customer base to be a leading organization in the rapidly emerging clean tech market space," Magnotti stated upon joining the company. "Fluitec is currently well positioned in the fossil and nuclear power generation market with products deployed in over 25 countries and five continents. The amount of carbon footprint reduction is significant. This year, we will expand into the wind generation market, and over the next 24 months, it is our objective to further grow our market share in the industrial markets. We plan to expand our R&D efforts in remote sensing and integration into smart grid applications. "
Employees that will join Magnotti as officers of the company will be Greg Livingstone, executive vice president of marketing and technology; Jo Ameye, executive vice president of global sales; and Brian Thompson, executive vice president of operations The company's headquarters is currently being relocated from Brussels, Belgium, to New Jersey, and the company's U.S. operations are being expanded to Tampa, Fla. Operations will continue in Belgium and China.
About Fluitec International
Fluitec International is a privately-held venture-backed company with Cinmar NV and Sopon SA as lead investors. It was formed in 1995 and provides customers leading edge technologies and knowledge to realize optimum reliability and productivity of their lubricating assets. Although Fluitec's products span a wide range of industries, its largest customer base is in power generation market. Fluitec has averaged approximately 100 percent growth annually for the last two years and is forecasted to grow by 300 percent in 2010. Fluitec has developed several patented and patent-pending technologies to monitor and maintain industrial lubricants. One of their flagship condition monitoring products, the RULER, is a patented technology to determine the remaining useful life of lubricants. The company has also developed the industry's leading lubricant varnish mitigation technology which is used at power generation facilities around the world – a patent-pending process referred to as Electrophysical Separation Process.