Hover Energy Announces New Management Roles in Preparation for Market Entry

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As the Company prepares to install its final pilot validation unit, the team is adapting to meet the new demands of commercialization.

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Our team is poised to commence the installation of our pilot validation unit and looks forward to subsequent full-scale manufacturing.

Hover Energy, LLC (“Hover” or the “Company”) announced today that it has expanded and refocused the efforts of its senior management team in order to capitalize on the significant advances the company has made in recent months. As announced in December 2017, Hover selected Jabil Inc. to work with the Company’s engineering team through the final design phase and into manufacturing. Hover’s final pilot validation unit is now under construction and preparations are under way for its installation. Additionally, Hover has executed a Letter of Intent with a leading, NYSE-listed real estate services firm to provide sales to corporate customers and perform rooftop installations. Having achieved these significant commercialization milestones, the Company has now further strengthened its management team to prepare for scaling Hover’s rooftop wind power system.

Albert McLelland, who served as Hover’s Chief Executive Officer for the past three years, has accepted the positions of Managing Director of Asia and Co-Chairman of a newly-formed Special Committee of the Hover Board of Managers. The Special Committee will make recommendations on corporate structure, governance, and strategic opportunities for Hover. Mr. McLelland has spent nearly 30 years focused on cross-border transactions in and with Asia, and will draw on his experience to represent the Company in Asia as its Managing Director. He served as a board member and audit chairman for four Asian-based, NASDAQ-listed corporations and managed PricewaterhouseCoopers’ cross-border transactions practice with Asia during the Asian financial crisis. He also ran corporate finance for CEF Taiwan Limited, the Taiwan branch of a joint venture between Canadian Imperial Bank of Commerce and Cheung Kong Holdings. Prior to that, he built and successfully exited two financial service firms in Asia, which is expected to be the fastest growing renewable energy market for the foreseeable future.

Kelly Cope, who has served as Hover’s General Counsel since 2017, will assume the role of Interim Chief Executive Officer and will also serve on the Special Committee. Mr. Cope’s 25 years of energy law experience have been invaluable in structuring and negotiating the Company’s contracts and strategic alliances. He commented, “In the coming months, we intend to enter into several essential agreements and execute our plan for commercialization. Our team is poised to commence the installation of our pilot validation unit and looks forward to subsequent full-scale manufacturing.” Mr. Cope previously served as General Counsel and a Corporate Officer of Reliance Holding USA, Inc. and Counsel for Devon Energy. He also held the role of General Counsel and Vice President, Business for Santa Fe Snyder, which became Devon Indonesia. Prior to that, he served as General Counsel, LNG for Unocal Indonesia.

Hover is also pleased to announce that Derrick Parkhill has joined the Company as its Chief Commercial Officer. Mr. Parkhill will oversee various commercial activities and support the Company’s growth. Mr. Parkhill possesses more than 25 years of experience in commodity trading, marketing, portfolio management, risk management, and asset management and optimization. He has extensive commercial transaction experience in the Electricity and Natural Gas markets, and possesses a strong knowledge of wholesale and wholesale-to-retail electricity trading, marketing, and logistics. Additionally, Mr. Parkhill has a deep knowledge of startup energy providers. He participated in the commercialization of numerous wholesale and retail energy providers. Mr. Parkhill holds a BBS in International Economics from Texas Tech University and an MBA from Rice University.

About Hover Energy, LLC

Hover Energy, LLC possesses a transformative wind power generation technology. The Company expects to remake the onsite wind energy market by providing an impactful wind power solution with high energy density and a wide range of applications, including the built environment. Additional information is available at http://www.hoverenergy.com.


Forward-Looking Statements

This news release may contain statements concerning the development and completion of a wind power generation technology and the timing of its delivery, as well as other expectations, plans, goals, objectives, assumptions and information about future events, efficiency, outcomes, applications, conditions, results of operations or performance that may constitute forward-looking statements or information under applicable securities legislation. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect.

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