Per Hornung Pedersen
About Per Hornung Pedersen
Per Hornung Pedersen is an independent director of Pyrophyte Acquisition Corp. (PHYTF), appointed on October 26, 2021, with a 20+ year track record as a senior executive and director across the global renewable energy sector . He has previously served as CFO of NEG Micon/Vestas, CEO of Suzlon Energy, and CEO of Repower/Senvion, and holds an MBA from Copenhagen Business School and a BSc in Finance & Accounting . Age reference in recent SEC filings indicates he was 71 in 2025 (context from Pyrophyte II prospectus) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| NEG Micon/Vestas | CFO | Started 2000 | Senior finance leadership in turbine manufacturing |
| Suzlon Energy | CEO | Appointed 2004 | Built global presence from startup; extensive M&A execution |
| Repower/Senvion | CEO | Late 2007 | Led German wind turbine manufacturer |
| McKinsey & Co. | Senior Advisor (Energy) | Since 2017 | Industry advisory engagements in renewables |
External Roles
| Organization | Role | Since | Notes |
|---|---|---|---|
| PNE AG (ETR:PNE3) | Chairman | Oct 2015 | Major EU wind/solar developer |
| Suzlon Energy (NSE:SUZLON) | Independent Director | Sep 2015 | India-based wind OEM |
| Swire Energy Services | Independent Director | Aug 2019 | Energy services; renewables focus |
| SeaTower AS (Norway) | Independent Director | Feb 2012 | Offshore wind structures |
| MCF Corporate Finance | Senior Advisor | — | Investment banking advisory |
| Caribbean Clean Energy Fund | Investment Committee (independent member) | — | Fund oversight |
Board Governance
- Independence status: The board determined Pedersen is an “independent director” under NYSE standards and applicable SEC rules .
- Committee assignments: Upon appointment, Pedersen was named to the Nominating & Corporate Governance Committee; Audit Committee chaired by Adam Pierce at that time .
- Engagement/attendance: Not disclosed in current proxy; the 2025 DEF 14A is an extension proxy without director attendance data .
- Structural governance considerations: Sponsor controls ~44% of voting power (5,031,250 founder shares), materially influencing shareholder votes and outcomes . Insiders collectively expected to vote in favor of extension proposals and may facilitate non-redemption agreements to reduce redemptions .
Fixed Compensation
| Component | 2025 Status | Notes |
|---|---|---|
| Annual Director Retainer (Cash) | $0 | “None of the Company’s officers or directors has received any cash compensation for services rendered to the Company” . |
| Committee/Meeting Fees | Not disclosed | No specific director fees disclosed in extension proxy . |
| Administrative Services (Sponsor) | $15,000/month to Sponsor | Office space and admin support per Administrative Services Agreement; paid until combination or liquidation . |
Performance Compensation
| Instrument | Grant Date | Shares/Units | Fair Value | Vesting | Performance Metrics |
|---|---|---|---|---|---|
| Equity awards to Directors | Not disclosed | — | — | — | — |
No equity awards or options for independent directors are disclosed; beneficial ownership table shows Pedersen with no shares . SPAC sponsor economics include founder shares and private placement warrants; independent directors are not shown as holders .
Other Directorships & Interlocks
| Company | Relationship to PHYTF | Potential Interlock/Conflict |
|---|---|---|
| PNE AG; Suzlon; Swire Energy Services; SeaTower AS | Unrelated to PHYTF’s target (Sio Silica) | No disclosed transactions with PHYTF; low direct conflict indicated . |
| Sponsor (Pyrophyte Acquisition LLC) | Controls ~44% of shares; managed by Gustafson and Duroc-Danner | Sponsor loans and monthly admin payments present related-party exposure at board level (not tied to Pedersen personally) . |
Expertise & Qualifications
- Core expertise: Renewable energy manufacturing and project development; CEO-level experience; M&A execution .
- Financial acumen: Former CFO; suitable for governance and nominating work; audit committee experience referenced externally for Pyrophyte governance page, but primary SEC record lists nominating committee role at appointment .
- Education: MBA (Copenhagen Business School), BSc Finance & Accounting .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding Ordinary Shares |
|---|---|---|
| Per Hornung Pedersen | — | — |
Ordinary shares outstanding at record date: 11,321,961; sponsor holds 5,031,250 founder shares (44.4%) . Public shares: 6,290,711 .
Governance Assessment
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Strengths:
- Independent director with deep sector leadership and M&A experience—useful for target evaluation, diligence, and strategic oversight .
- Non-sponsor status (no founder shares; no disclosed cash comp)—reduces direct pecuniary conflicts with sponsor economics .
-
Concerns affecting investor confidence:
- Sponsor control and related-party financing: Sponsor owns ~44% of shares, provides extension loans (up to $1.5M for the third extension) and receives $15k/month admin fees; these create structural conflicts and incentives misaligned with public holders’ redemption optionality .
- Insiders’ facilitation of non-redemption/purchases to influence outcomes, reducing float and complicating listing maintenance—raises governance optics risk .
- Lack of disclosed director-level performance pay, share ownership, or attendance metrics—limits assessment of alignment and engagement .
-
RED FLAGS:
- Sponsor-dominated cap table and convertible notes/extension contributions; founder shares and private placement warrants become worthless absent a transaction—strong incentive to extend timelines (board-level conflict risk) .
- No personal share ownership disclosed for Pedersen; while independence is preserved, “skin-in-the-game” alignment appears limited .
Appendix: Board and Committee References
- Appointment and Committee: Pedersen appointed Oct 26, 2021; served on Nominating & Corporate Governance Committee; Audit chaired by Adam Pierce .
- Independence: Board determination that Pedersen is independent under NYSE and SEC rules .
- Beneficial Ownership: Pedersen—none; sponsor 44.4% of outstanding shares .
- Director Compensation: No cash compensation to directors/officers; sponsor receives admin payments .