Olsen: Working on energy policy

A Cornelius entrepreneur is generating interest in ground-mounted solar photovoltaic systems. O2 Energies, which also offers consulting services for manufacturers, property owners and investors in the renewable energy market, is going to be the company that puts solar capabilities into parking lots full of electric-powered cars.

Among other things, O2 Energies develops energy systems called solar farms and solar parking lots. The company provides renewable energy consulting and development services to manufacturers, property owners, and investors.

CEO Joel Olsen says solar plants can be built on landfills, parking lots and even rooftops. A 3-acre lot can generate enough electricity for about 100 houses each year. He likes the business because it is complex: “There are multiple moving parts.”

Besides working with clients in a confidential relationship, O2 is helping to develop a large power plant in Mt. Airy. He has two employees, one a part-timer.

A UNC-Chapel Hill grad whose first job after college was working in international relations at a local government in the Hiroshima Prefecture in Japan.

He went on to a job in Norway working for a manufacturer of LCD projectors, where he got a taste of renewable energy. Electricity generation in Norway is almost entirely from hydroelectric power plants.

Renewable energy is hot, with Charlotte a major station in the industry grid.

“Our biggest challenge is the regulatory environment in which we must build our business,” Olsen said. “Energy is every bit as regulated as banking, but the industry is ruled by utility monopolies who are not incented to buy clean energy from third party developers.” At least not yet. The former business development and government relations director for Sencera International, a manufacturer of thin film silicon solar modules in Charlotte, Olsen also advocates for a state energy policy that promotes renewable energy generation.

Projected revenue this year: Less than $2 Million

Previous entrepreneurial endeavors: “I was an investor in a Norwegian
e-commerce venture that was close to bankruptcy. A group of former employees banded together to buy the company for a dollar. I was asked to step in from the board as CEO and was able to re-capitalize the company, build up new product channels, and turn the operation around to become the Norwegian web site of the year in 2007.”

Why did you start O2 Energies? “I have come to a point in my career that I want to do what I am passionate about.  O2 Energies allows me to that.”

What is the thrust of your business plan? “O2 has two main income streams, project development and consulting services. In addition, we use our practical knowledge to change the energy policy environment in which we work.”

Are you on track with your plan? “Yes, we are fortunate to have good clients and a network that has allowed us to move forward.”

Biggest challenge: “We work closely with utilities to find ways that they can create value for their shareholders while buying clean energy from distributed generation, but this is a state by state challenge, and why O2 Energies spends a lot of time working on energy policy.”