- Date 27 Feb 2023
- Sectors Technology
FlexEnable, the leader in the development and production of flexible organic electronics for optical modules and displays, today announces its new Board of Directors and additions to its leadership team. This follows the restructuring of FlexEnable in late 2022, wherein funds managed by affiliates of Fortress Investment Group LLC (“Fortress”) became the majority shareholder of FlexEnable, joined by Kilonova Capital and Coretronic.
FlexEnable’s new Board of Directors includes four directors from the new ownership: Erez Levy, Managing Director at Fortress, Lin Chen, Director at Fortress, Nick Fegan, Managing Director at Fortress, and Wes Goldstein, Managing Partner at Kilonova Capital. Other members include Chuck Milligan, FlexEnable CEO, and Dr. Mark Verrall as an independent director. Dr. Verrall brings decades of experience in the research, development and commercialisation of new liquid crystal materials and technologies. Previously Dr. Verrall has held the position of Senior Vice President and global head of Product Development for Display Solutions business of Merck KGaA - where he oversaw the company’s R&D facilities and materials innovations.
Chuck Milligan, CEO of FlexEnable, said: “We are delighted to be under new ownership, with solid backing from world-class investors such as Fortress and Kilonova Capital and our strong partner Coretronic, a world-leader in optical modules for display and XR applications. These investors will provide great support as we enter the next phase in FlexEnable’s history, moving from prototyping unique ultra-thin, lightweight and curved optical modules in Cambridge to volume production with our Asian manufacturing partners.
We are also very excited to welcome Mark to FlexEnable’s Board of Directors. I know that the company will greatly benefit from his expertise in both LC materials and development of innovative materials solutions for flexible electronics at industrial scale as we now start production ramp-up of first products.”
Erez Levy, Managing Director at Fortress, said “FlexEnable has an exceptional team, an invaluable intellectual property (‘IP”) portfolio, an enviable list of customers that include many of the world’s biggest brands, and an array of high-volume applications where its technology is truly a game-changer. We are very excited to support FlexEnable as it continues to develop its technology and IP while moving into volume production.”
Mark Verrall said: “I have been working with FlexEnable for many years now and have always been impressed with the team and the unique and important technology they have developed. I am delighted to join FlexEnable’s Board of Directors at this very exciting time for the company, and I look forward to supporting the team as the technology and materials move into volume production for world-class customers.”
With many exciting customer programmes and technology and capacity expansion plans, accelerated by the new investment, FlexEnable has also recently made a series of other high-profile appointments. These include David Franklin, who joined as Chief Financial Officer, and Erin McDowell, who was appointed as Chief Revenue Officer. David has a wealth of experience gained over 10 years in senior corporate finance roles in a variety of global businesses and has managed worldwide manufacturing scale-up as well as growth via M&A. Erin brings 20 years of experience driving business development of innovative materials solutions, including launching 3M’s AR/VR business which now sells materials and components to most major global brands.
FlexEnable’s disruptive flexible liquid crystal (LC) cell technology is needed for many active optics applications which require form factors that can only be achieved with FlexEnable’s unique low-temperature organic materials and manufacturing processes, backed by around 600 patents worldwide. Applications include tunable lenses and ambient dimming films for AR/VR optics, ePrivacy screens, automotive smart windows and Organic LCDs.
With around 600 patents and more than 1000 engineering years in the development of organic materials and manufacturing processes, FlexEnable is the worldwide leader in flexible organic electronics. The company’s processes and solutions have been developed for use on existing flat panel display lines, leveraging existing assets and supply chains. Applications for FlexEnable’s technology include 3D formable active Liquid Crystal Cells for AR/VR optics, automotive smart windows, switchable ePrivacy displays, and flexible OLCD displays for consumer electronics and automotive. FlexEnable supplies FlexiOM™ materials to licensed display manufacturing partners and works directly with OEM and Tier 1 companies on developing next generation products, from prototyping to volume production. For more information please contact email@example.com.
About Fortress Investment Group
Fortress Investment Group LLC is a leading, highly diversified global investment manager. Founded in 1998, Fortress manages $45.7 billion of assets under management as of September 30, 2022, on behalf of approximately 1,900 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies.
About Kilonova Capital
Kilonova Capital is a San Francisco-based investment firm that buys, builds, and invests in private technology companies. Kilonova provides structured, disciplined capital and invests across both the life cycle and capital structure of a company. Kilonova focuses on non-conforming investment opportunities and has the flexibility and creativity to solve complex situations. Kilonova structures its investments to align the interests of shareholders and management and provides value-added capital and resources to operate and scale companies efficiently and effectively.
Coretronic Corporation was established in the Hsinchu Science Park on June 30, 1992 and was the first LCD backlight module manufacturer and the key DLP display solutions provider in Taiwan. Coretronic conducts its R&D and innovative developments based on its key patents and core technology via a business strategy of vertical integration. This has made Coretronic the leader in providing display solutions in the current worldwide market. Based on existing two major business, Coretronic will move forward to the advance technologies area such as "image recognition, AI and cloud premium service" and aim to enhance the overall operating performance of Coretronic Group. To learn more, please visit http://www.coretronic.com