Startup News

California-Based CIM Group’s Permanent Power Company Appoints Steve Vavrik as CEO

Aug 7, 2026 | By Devin Jacobs

Permanent Power Company has appointed Steve Vavrik as Chief Executive Officer. The company owns, operates, and expands power assets across the United States.

SUMMARY

Permanent Power Company appointed Steve Vavrik as CEO.
The CIM-backed company develops and operates U.S. power assets.
Vavrik will lead growth and strategy, bringing 25+ years of energy experience.

As CEO, Vavrik will lead the company's strategy, evaluate new opportunities, and work with its investment, development, and capital markets teams to support growth.

Permanent Power Company is built on CIM Group’s energy platform, with an initial portfolio of about 1,200 MW of solar power, 690 MW of battery storage, and 15 miles of transmission infrastructure in California.

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The company focuses on improving energy reliability by owning, operating, and expanding power assets across the U.S., including projects in rural Opportunity Zones.

Vavrik brings more than 25 years of experience in power development, operations, finance, and trading, covering natural gas, wind, solar, and battery storage.

He previously founded and led Broad Reach Power and served as CEO of Earthrise Energy. He has developed more than $8 billion in renewable energy and battery projects and helped grow energy companies from startups into established businesses.

“I am excited to join Permanent Power Company at a time when communities, and markets are seeking to meet their growing energy demands through flexible and reliable solutions,” said Steve Vavrik, Chief Executive Officer of Permanent Power Company.

“Steve’s deep experience building and operating power platforms across renewable and conventional markets, combined with his demonstrated track record in capital formation, project development and strategic execution, makes him well-suited to lead Permanent Power Company as it pursues opportunities to address the nation’s growing need for reliable and diversified power,” said Avi Shemesh, Co-Founder and Principal of CIM Group.

About Permanent Power Company

Permanent Power Company is a CIM backed energy platform focused on investing in, and managing power assets across the US. The company aims to benefit from growing demand for reliable and diverse power generation and energy infrastructure.