Global Thermostat Announces Strategic Transition

NEW YORK, Jan. 28, 2022 /PRNewswire-PRWeb/ -- To accelerate its mission to address climate change at scale and to prepare for its next phase of growth, Global Thermostat today announced a strategic transition into two collaborating and complementary organizations, Global Thermostat, a commercial company, and a new non-profit focused on global carbon removal policy solutions.

Under the go-forward structure, Global Thermostat, a for-profit public benefit corporation, will continue to focus on commercializing the Company's unique, multi-patented portfolio of solutions for capturing and removing CO² directly from the atmosphere to address climate change and power the growing circular carbon economy.

The commercial company will be led by a new management team, including Nicholas Eisenberger, President; Fred Moesler, Chief Technology Officer; Chris Allen, Senior Vice President of Finance; Mohammed Ajmal, Senior Vice President of Operations; Dr. Eric Ping, Vice President of Technology; Dr. Miles Sakwa-Novak, Director of Research & Development, and other experienced members of its technology and business teams, reporting to an expanded five-member Board of Directors. The Company has also launched a formal process to recruit a CEO and to fill out its go-forward management team with additional world class talent.

The new non-profit will focus on accelerating global action on carbon removal by developing innovative climate policy mechanisms and facilitating new collaborations between governments, business, the scientific community, and civil society. It will work to ensure the world aggressively confronts the climate challenge and does so in a way that is sustainable and equitable for all.

Global Thermostat's co-founders, Dr. Graciela Chichilnisky and Dr. Peter Eisenberger, along with Executive Chairman, Edgar Bronfman Jr, will lead the policy organization, with Dr. Chichilnisky serving as its CEO, and will continue to serve on the Company's Board of Directors. To maximize the positive impact and alignment of this complementary structure, the Board of Directors of both entities will be composed of the same members.

"We are running out of time to address the threat of climate change, and now that more people around the world recognize the critical role that Direct Air Capture needs to play in doing so, we must develop innovative financial and policy mechanisms to scale it rapidly, sustainably, and equitably," said Dr. Graciela Chichilnisky, co-founder and board member of Global Thermostat, and CEO of the new policy organization. "This new structure gives us two synergistic platforms from which to collaborate and work together on this existential endeavor."

"While Global Thermostat and the new non-profit will share the same overall objective, creating these two complementary organizations will enhance focused development of the commercial company, and also ensure that Direct Air Capture and the Circular Carbon Economy will have a real, positive impact on people's lives in the time frame that matters," said Dr. Peter Eisenberger, co-founder and board member of Global Thermostat, and Senior Science Advisor for both organizations.

Edgar Bronfman Jr, Executive Chairman of Global Thermostat, added, "We are now well positioned, through the for-profit division, to vigorously pursue our commercial objective of removing CO² from the air to power the growing circular carbon economy, while the non-profit simultaneously pursues ways and methods to both accelerate and guide the deployment of Direct Air Capture in ways that benefit everyone."

The new structure is effective immediately. Additional details will be announced as the Company further implements the reorganization.

Media Contact

Jeffrey Weir, Global Thermostat, 1 6467986217, [email protected]

SOURCE Global Thermostat