Former BP executive joining alternative energy company

Sapphire Energy recently attracted a former BP PLC executive to its ranks. Cynthia J. Warner plans to become president of Sapphire energy, effective Feb. 1, 2009.

She is leaving her job as BP’s group vice-president of global refining to join Sapphire, a San Diego, Calif., company working on using sunlight, carbon dioxide, and micro organisms, such as algae, to produce renewable fuel products.

“Pioneering a new energy frontier for the next industrial era is the best way I can image to make a positive impact as a leader,” Warner said in a recent Sapphire Energy news release.

It would be interesting to know how many industry veterans have left the ranks of oil companies to join alternative energy companies. I don't have any statistics but I know that Warner is not the first one.

She also is not alone in putting confidence in the future of alternative energy despite the ailing US stock market and worldwide oil price volatility.

“Simply put, when energy is out of favor, alternative energy is almost always even more out of favor,” said Raymond James & Associates Inc. analysts in the Houston office. “To acknowledge the obvious: 2008 was a dreadful period for alternative energy stocks, with the solar space especially hart hit.”

Assuming oil prices recover in 2009, RJA analysts believe alternative energy is well-positioned for a rebound “albeit without the sense of market exuberance that was visible 12-18 months ago.”