Strengthening management with new CEO

"We are very pleased with signing Thor Christian Tuv as the new CEO for SCR AS", says Chairman Tellef Thorleifsson, general partner in NorthZone Venture. "ITS has high ambitions, and to get Thor Christian Tuv on board with his industry knowledge, expertise and network, is an acknowledgement of the work done so far, and a great strength for the team. The previous CEO and Founder, Håvard Lillebo, will continue as Chief Financial Officer in the company."

Thor Christian Tuv (46) has a Master from the Norwegian University of Science and Technology and also a Master from The Norwegian School of Management. In REC Tuv was part of the top management, and former Executive Vice President at REC Solar. He was responsible for the establishment and growth of REC ScanCell in Narvik and REC ScanModule in Sweden. REC ScanCell in Narvik expanded to more than 300 employees and a capacity of 225 MW.

Tuv also has a solid background from Telenor, with the latest position as Project Director at Telenor Konsern ASA. Tuv will be located in Oslo, Norway.

Non-prime solar cells are a growing challenge in the solar industry today. ITS is aiming to be the global specialist in this niche. We in the ITS team will through innovative use of technology make more clean energy out of the solar cells. After the initial production line in Narvik, we will expand both in Narvik and internationally." says Thor Christian Tuv.

Tellef Thorleifsson
Chairman of the Board

15th December 2008