Wikipedia

Tom Buttgenbach

Thomas Hubertus Büttgenbach is an American businessman in the solar industry. He is the co-founder, CEO and president of 8minute Solar Energy (previously 8minutenergy Renewables LLC), an independent solar and storage developer.[1]

Biography edit

Buttgenbach attended the University of Cologne in Germany for undergraduate studies in physics and mathematics and earned a Ph.D. from the California Institute of Technology (Caltech) in physics and astronomy, where he attended as a Fulbright Scholar.[2] His thesis advisor was Thomas G. Phillips. For his thesis work, Buttgenbach constructed a submillimeter heterodyne receiver which coupled the mixer to the telescope using a lens rather than a waveguide. He verified the efficiency of its design by installing it at the Caltech Submillimeter Observatory, and making astronomical observations with it. His thesis, Quasi-optical sis receivers and astrophysical observations at submillimeter wavelengths,[3] was the first to highlight the discovery of neutral atomic carbon outside of the Milky Way galaxy.[4]

Buttgenbach worked in management consulting with McKinsey & Company, investment banking and real estate development.[5] In 2001, Buttgenbach founded Dock3,[6] a local delivery service.[7] In 2015, Dock3 was sold to Leverage Concierge,[8] a division of ACI Specialty Benefits.[9][10]

In December 2018, Buttgenbach launched a $200 million joint venture along with J.P. Morgan Asset Management and an affiliate of Upper Bay Infrastructure Partners.[11][12] In December 2018, Buttgenbach purchased the shares of fellow co-founder Martin Hermann from 8minutenergy Renewables, LLC.[13][14] In June 2019, the company made a name change to 8minute Solar Energy.[citation needed] The company is known for innovations in clean energy, including the Springbok solar cluster, the first solar photovoltaic (PV) facility to better the cost of fossil fuels, and the Mount Signal solar cluster, the largest operating solar PV project in the nation.[15][16] In 2022, 8minute Solar Energy announced they had secured $400 million in financing from institutional investor EIG.[17]

A lawsuit accuses him of misappropriating the University of California system’s money after the latter invested in a collection of solar projects.[18] The complaint, filed in January in Alameda County Superior Court, claims that Buttgenbach submitted false claims to the university system to induce solar project investments worth $150 million, which he allegedly used to enrich himself. The public university's regents allege that Buttgenbach fraudulently induced it to invest in a collection of solar development projects in early 2020, then he misappropriated much of the capital and used it to enrich himself. [19] 8minute Solar Energy and Buttgenbach described the allegations at the time as “baseless and frivolous.”[20] The UC system’s allegations mirror claims previously brought by 8minute Solar Energy's Class B investors, which included the UC and its investment partners.[21] All of the Class B investors’ claims were dismissed or rejected as a result of arbitration that concluded with 8minute Solar Energy and Buttgenbach awarded fees and damages in February of 2022.[22][23] A review by the law firm Brown Rudnick LLP found the UC system’s claims to be meritless and discovered evidence of wrongdoing on the part of the UC Regent’s investment agent, a finding that was later confirmed by an arbitrator.[24][25]

Buttgenbach and his companies have worked with the Sierra Club to ensure solar development protects the environment.[26] Buttgenbach is on the Green Advisory Board of the California League of Conservation Voters and sits on the board of directors for the Los Angeles Business Council.[27][28] In 2020, he was named an Entrepreneur of The Year for Greater Los Angeles by Ernst & Young.[29] In 2022, he was recognized as a Visionary in the L.A. Times’ C-Suite: Trends, Updates and Visionaries Magazine and named to the Board of Directors for the Los Angeles Business Council.[30][31]

References edit

  1. ^ Kelly-Detwiler, Peter. "CEO of 8minutenergy: Someday Solar Energy Will Be Nearly Free". Forbes. Retrieved 2019-07-11.
  2. ^ "Tom Buttgenbach". Renewable Energy Finance Forum-Wall Street. Retrieved 2019-07-11.
  3. ^ Büttgenbach, Thomas H. (1993). Quasi-optical sis receivers and astrophysical observations at submillimeter wavelengths (phd thesis). California Institute of Technology.
  4. ^ "Ultimate five-year plan: 24 hour solar+storage power plants, in design pipeline now". pv magazine USA. 2019-03-22. Retrieved 2023-05-24.
  5. ^ "Tom Buttgenbach". Los Angeles Times. Retrieved 2022-12-08.
  6. ^ "Dock3 - Products, Competitors, Financials, Employees, Headquarters Locations". www.cbinsights.com. Retrieved 2023-05-24.
  7. ^ "Errand Boys". Forbes. Retrieved 2023-05-24.
  8. ^ "Leverage Concierge". ACI Specialty Benefits. Retrieved 2023-05-24.
  9. ^ "Home". ACI Specialty Benefits. Retrieved 2023-05-24.
  10. ^ "ACI's Leverage Concierge Acquires dock3". ACI Specialty Benefits. 2015-09-23. Retrieved 2023-05-24.
  11. ^ "8minutenergy, J.P. Morgan and Upper Bay Form $200M Joint Venture for Solar Project | Los Angeles Business Journal". labusinessjournal.com. Retrieved 2019-07-11.
  12. ^ "U.S. solar developer 8minutenergy in $200 million joint venture". Reuters. 2018-12-11. Retrieved 2019-07-12.
  13. ^ "Management buyout at 8minutenergy". PV Tech. Retrieved 2019-07-11.
  14. ^ Lillian, Betsy (2018-12-10). "Solar Developer 8minutenergy Announces Buyout By Co-Founder Buttgenbach". Solar Industry. Retrieved 2019-07-11.
  15. ^ Misbrener, Kelsey (2019-11-20). "8minute Solar Energy, Capital Dynamics cut ribbon on 450-MW Springbok Solar Cluster". Solar Power World. Retrieved 2023-05-24.
  16. ^ Misbrener, Kelsey (2018-12-07). "8minutenergy and Capital Dynamics complete 328-MW Mount Signal 3 Solar Farm". Solar Power World. Retrieved 2023-05-24.
  17. ^ "8minute energy closes $400 million in financing from EIG". pv magazine USA. 2022-01-19. Retrieved 2022-12-08.
  18. ^ Clark, Kevin (2022-02-03). "University of California system sues 8minute Solar, co-founder". Renewable Energy World. Retrieved 2022-08-13.
  19. ^ Garcia, Luis (2022-01-31). "University of California Sues 8minute Solar, Seeking $1.22 Billion". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-08-13.
  20. ^ Clark, Kevin (2022-02-03). "University of California system sues 8minute Solar, co-founder". Renewable Energy World. Retrieved 2022-10-20.
  21. ^ "Thursday Digest: Exploratorium, Five Point get new leaders". www.bizjournals.com. Retrieved 2022-10-20.
  22. ^ Garcia, Luis (2022-02-22). "Garcia's Take: University of California's Legal Dispute Puts Separate Accounts to Test". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-10-20.
  23. ^ Mundi, Jus. "8Minutenergy v. Class B Investors in 8Minutenergy US Solar, Final Award, 25 févr. 2022". jusmundi.com (in French). Retrieved 2022-10-20.
  24. ^ Garcia, Luis (2022-02-08). "Arbitrator Rules Against Solar Developer's Backers". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-10-20.
  25. ^ Clark, Kevin (2022-02-03). "University of California system sues 8minute Solar, co-founder". Renewable Energy World. Retrieved 2022-10-20.
  26. ^ Worthington, David. "Burrowing owls, Sierra Club, and the world's largest solar farm". ZDNet. Retrieved 2019-07-11.
  27. ^ "Avantus Founder and CEO Dr. Tom Buttgenbach Named to Los Angeles Business Council Board of Directors". www.businesswire.com. 2022-10-19. Retrieved 2022-12-08.
  28. ^ "Green Advisory Council | California League of Conservation Voters (CLCV)". www.ecovote.org. Retrieved 2019-07-11.
  29. ^ "EY Announces Winners of the Entrepreneur Of The Year® 2020 Greater Los Angeles Award". www.ey.com. Retrieved 2022-12-08.
  30. ^ "LA Business Council". labusinesscouncil.org. Retrieved 2023-05-24.
  31. ^ "Tom Buttgenbach". Los Angeles Times. Retrieved 2022-12-08.
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