Special Report on Innovative Energy Solutions Inc.
Investigation by Steven B. Krivit (2005-2006) x

Sorted by date, most recent at the top
Video Footage
Alberta Securities Commission Decision Against Patrick Cochrane, March 12, 2008
Interview with Alexander Koldamasov (March 10, 2008)
Nevada Court Judgment Against Foster, Cochrane and Dornan, Aug. 29, 2007
Koldamasov ICCF-13 paper (2007)
Dan Waite Letter (Jan. 12, 2007)
IESI Bankrupty Schedules, Jan. 9, 2007
Report on Innovative Energy Solutions Inc., March 10, 2006
iESi's new Web site, February 13, 2006 (dead link)
iESi fake office photo with Photoshopped corporate logo February 12, 2006
Offices page from iESi Web site (pdf), February 1, 2006
Shareholders page from iESi Web site (pdf), February 1, 2006
Intellectual Property page from iESi Web site, February 1, 2006
Screenshot of blog set up by IESI insider to leak information
Krivit ICCF-12 paper
Krivit ICCF-12 slides
Vysotskii ICCF-12 paper
Vysotskii ICCF-12 slides
Peter Hagelstein Investment Advisory (Feb. 17, 2005)
Alimuhambetova research paper excerpted translations (2005)
Alimuhambetova research paper (2005)
Koldamasov patent application (Oct. 28, 2002)
koldamasov, A.I., ‘‘Energy release with theWolgodonsk reactor,’’ paper presented at New Energy Technolgies on the Millennium Transition Symp., Zurich, Sept. 16, 2000. (unconfirmed record)
Koldamasov, A.I. (1998) "Nuclear fusion in field of electric charge,"Proceedings of the 6th Russian Conference on Cold Nuclear Transmutation of Chemical Elements and Ball Lightning, Sochi, Russia, p. 125-137 (unconfirmed record)
Koldamasov A I “Yadernyi sintez v pole elektricheskogo razryada”. in 4-ya Rossiiskaya Konferentsiya po Kholodnomu Yadernomu Sintezu i Transmutatsii Yader, RKKhYaSTYa-4 (“Nuclear fusion in the field of an electric discharge”, in Fourth Russian Conference on Cold Fusion and Nuclear transmutation, RCCFNT-4 (unconfirmed record)
Koldamasov, A.I. (1991) Journal Technical Physics,61(2), p.188-190 (unconfirmed record)
Koldamasov, A.I., Russian Patent No. 2152083 (unconfirmed record)
Koldamasov, A.I. (1972) "Ball Lightning in Liquid?," J. Technique of Youth, 8, p.24-25 (unconfirmed record)


New Energy Times Editorial Commentary (Feb. 1, 2006)

I've been investigating iESi since June 4, 2005. Most of the references on the "DIY" blog listed below appear to agree with my findings, though I have not yet looked at every reference in detail.

Since the start of my investigation, I have been, at various times, in direct communication with many iESi personnel, including; Patrick Cochrane (chief executive officer), Tom Bugg (president), Norman Arrison (staff scientist), Mark Boocock (U.K. managing director), Hywel Rees (U.K. sales and partnerships director), Terry Dingwall (ex-president), Hyunik Yang (ex-senior scientist), Nahm Cho (ex-senior scientist), Bill Harrington (ex-staff scientist), Alaine Liberty (technician), and Ken Pierce (technician).

I have seen several court documents pertaining to pending actions by the company against ex-employees, and actions by the ex-employees, who are shareholders and who also are acting on behalf of many of the other shareholders.

The "company," in this regard, is the board of directors, namely Patrick Cochrane, Ronald Foster, Fred Dornan and Tom Bugg. They, not the shareholders at large, appear to be fully responsible for the state of the company and the alleged misdeeds.

The former senior scientist, Hyunik Yang, told me last fall that he had been hastily appointed to the board sometime around August. According to Yang, he resigned from the board a month or two later after starting to see the management problems. On Dec. 1, he informed me that he was no longer working with iESi.

The story behind iESi is certainly a fascinating one. It may not please many people. Certainly, the several hundred private investors who cumulatively contributed a few million dollars to the company may not be pleased to start learning about the troubles with the company. Some of the good-hearted employees of the company, like Norm Arrison, may be shocked and disappointed to hear about the mess the company is really in and some of the alleged wrongdoings on the part of the remaining directors.

What will become of iESi is uncertain, as is its licensing claim to any intellectual property potentially conveyed by Hyunik Yang. I am told by several sources that there are 20 separate agreements between Yang and Cochrane, and between Yang and iESi that govern the licensing of the intellectual property. I also am told that several of these agreements contradict one another. These matters are now in the hands of half a dozen attorneys on behalf of Yang and probably as many on behalf of the iESi board.

Will the true owners of iESi, the hundreds of shareholders, ever see the development of the intellectual property and see a return on their investment? It's hard to say at the moment.

The iESi story is about wildcatters: bold businessmen willing to take high risks, and like sharks smelling blood in the water, swarming to what they think is a vein of gold in an apparent cold fusion gold rush.

Is it fool's gold? I'm undecided. The underlying science reported by Yang and Vysotskii at ICCF12 has multiple inexplicable characteristics. But they've been highly secretive and have refused to reveal any hard data.

Has the iESi leadership contributed to the progress and the development of this technology? For a while, at least, they most certainly did. Can they be credited for their willingness to take a risk on a new source of clean energy? Absolutely. Did they bring research funds into the field and promote progress? Yes, they can be given that credit, as well.

However, does the current board of directors have what it takes to salvage this company? That is a question every shareholder should be asking right now. Unfortunately, it's too late to get your money back. That offer, made by the iESi board in the Dec. 8, 2005, shareholder's update, expired two hours ago, on Jan. 31, 2006, which coincidentally was the same time my embargo agreement expired with iESi, as well.

Is the leadership at iESi typical of businesspeople who are investing in cold fusion? Fortunately, no, but this is not the first, nor will it be the last that companies are willing to make possible errors in judgments hoping for cold fusion profits.

I am pleased to say several companies in the United States, and some in Europe are making careful, conscientious efforts to develop cold fusion. However, they are remaining private and staying under the radar for now. They are not putting themselves in the predicament of taking money from public investors. This seems wise to me. Eventually, cold fusion will be commercially viable, but which company, or companies will figure out the answers? That's anybody's guess.

As much as I'm a proponent of cold fusion, I would say that this is not a time to invest your life savings or your IRA in cold fusion. This is a time for angel investors who can afford to take risks and who want to contribute to a great alternative to fossil fuels.

-Steven B. Krivit

Do-It-Yourself Due Diligence Blog (Feb. 1, 2006)  
New Energy Times Photos of iESi "Corporate Offices" (Feb. 1, 2006)

On Jan. 22, 2006 a New Energy Times (tm) reader informed us that the www.iesiusa.com Web site went dark.

"The website appears to be password protected. I checked and it appears that the password message that used to appear only for the private investor section now inhibits access to the entire site. Do you know what is going on?"

New Energy Times started investigating Innovative Energy Solutions Inc. (iESi) in June, 2005. At that time we signed both a nondisclosure agreement as well an embargo agreement. The embargo agreement expires in February and we will therefore be able to report our findings in our March 10 newsletter. We concluded the major part of our iESi investigation in November, 2005. New Energy Times does not have an ongoing interest in iESi at this time.

New Energy Times is continuing its interest and investigation of Hyunik Yang and the work he has reported at ICCF12.

As a courtesy to interested parties, we captured several of the key pages from the iESi Web site and we present them here, along with photos we took of their "corporate headquarters."

Approach (pdf) Corporate Profile (pdf) Financial (pdf)
Intellectual Property (pdf) Hydrogen (pdf) Offices (pdf)
SEC SB-2 (pdf file) iESi People as of Oct. 24, 2005 (pdf)
Shareholders (pdf)    


iESi Corporate offices as listed since Aug 2005 (New Energy Times photos)


iESi Corporate offices as listed before Aug 2005 (New Energy Times photos)