OREANDA-NEWS. February 7, 2012. Joule today announced the election of Anatoly Chubais to its board of directors, adding the expertise and insight of a prominent figure in international business, economics and government. The news was released in conjunction with Joule’s participation at the Russia Forum, an annual meeting of high-profile international economists and business leaders.

Mr. Chubais is Chairman and CEO of RUSNANO, a USD 10 billion Russian Federation-owned fund created to drive commercialization in the areas of nanotech, biotech and renewable energy, among others. Prior to joining RUSNANO, Mr. Chubais held numerous influential roles both in business and government, including Chairman of Unified Energy System (RAO UES); Russia’s privatized electric power holding, and as Minister of Finance, First Deputy Prime Minister and Presidential Chief-of-Staff under Boris Yeltsin.  He is credited for playing a key role in Russia’s transformation to a market-based economy.

“We are very pleased to welcome Anatoly to the board, given his considerable knowledge of global markets and focus on cutting-edge technologies,” said Noubar Afeyan, Founder and Chairman of Joule and Managing Partner of Flagship Ventures. “His expertise, together with the resources made possible through the RUSNANO network, will help accelerate Joule’s plans for growth overseas.”

“Renewable energy and jobs creation are critical goals to many regions outside of the U.S., and Joule is accordingly planning for global deployment to bring much-needed localization to fuel and chemical production,” said William J. Sims, President and CEO of Joule. “Anatoly joins the board at an ideal time as we advance towards our first phase of commercial production and international expansion in 2012. We look forward to his insight, contributions and assistance in locating Joule facilities in Russia.”

“It is an honor to join the board of a company like Joule, whose technology has far-reaching potential to make cost-efficient renewable fuel and chemical production a worldwide reality in the near term,” said Mr. Chubais. “Having closely studied its solar-driven process and system, I am confident that Joule is uniquely positioned to achieve the scale and costs that can finally alleviate global dependence on fossil fuels.”