In turn, Mr. Nagy noted that "From my due diligence work, aside from the respect I developed for the team, a foremost attraction is the Avālence core technology: hydrogen generation from electrolysis of water at high pressures, obviating the need for expensive and troublesome compressors. Also, I am impressed with the flexible integration with renewable electricity sources. Avālence's deep technological problem-solving and “design-to-suit” legacy fits well with a capital-sparing transition to a hydrogen economy. My exciting job is to lead Avālence to create further value for both customers and investors, to advance our technology, to grow revenues with a partnering mindset, to further build our team and to properly fuel the company with capital."
Prior to joining Avālence, Mr. Nagy has been active as President and CEO of venture developers Greenwich Management Group, Inc. since 2000. During the 1980s and 1990s, he was a senior private equity investor and executive director (Chairman, CEO, President) with portfolio entities of Foster Management Company and from 1982 to 1986 he served as President of publicly traded oxygen and equipment distributor Foster Medical Corporation.
Steve has considerable specific experience in the energy sector honed during his time with Booz, Allen and Hamilton, Inc. during the 1970s, where he was a founding Vice President of the Technology Management Services Group serving US, European and Japanese clients. His work included strategic planning for the future of a nuclear energy technology, for emerging fuel cell developers as well as for a leading producer of batteries; manufacturing optimization and commercialization of exhaust catalyst units, feedstock integration for a plastics giant; plus specific environmental protection related commercialization and economic projects. Steve’s first job was with Consolidated Edison Company of New York as a supervising production engineer in the late 1960s.
Steve has two M.S. degrees: Industrial and Management Engineering from Columbia University; and Environmental Health Sciences from New York University. His B.S. is in Chemistry from Union College (Schenectady).
With the new year, Mr. Nagy will lead an angel investment round to raise $750,000 in the first quarter, and he will focus on formalizing several significant strategic relationships that are advancing. Avālence has also recently added to its engineering and product development staff in order to meet its growing workload that includes a mix of government R&D and commercial projects that are in-house.
Avālence, LLC, 1240 Oronoque Rd., Milford, CT, 06460, tel. (203) 701-0052, is a Connecticut-based company with a leading-edge electrolytic technology to produce high-pressure hydrogen gas for transportation and clean energy infrastructure applications. Avālence is a spin-off of two privately owned firms with over 150 years combined experience in the fields of hydrogen and air-separation equipment design and manufacture. For more information visit www.avalence.com.