Valentin P. Gapontsev (23 February 1939 – 22 October 2021)[1] was a Russian-American laser physicist, billionaire, and the founder, CEO, and chairman of IPG Photonics. At the time of his death, his net worth was estimated at US$2.3 billion.[2]
Valentin Gapontsev | |
|---|---|
Валентин Гапонцев | |
 Gapontsev in 2011 | |
| Born | Valentin P. Gapontsev 23 February 1939 |
| Died | 22 October 2021 (aged 82) |
| Citizenship | Russian and American |
| Education | Lviv Polytechnic National University Moscow Institute of Physics and Technology |
| Occupation | Laser physicist |
| Known for | Founder, CEO and chairman, IPG Photonics |
| Spouse | Married |
| Children | 1 |
Early life
editValentin Gapontsev was born in Moscow, the son of an artillery captain.[3] The family moved to Lviv in 1946, and he spent the next 20 years there.[3] Graduating from the Lviv Polytechnic National University in 1961, he completed a doctoral program in the Moscow Institute of Physics and Technology.[4]
Career
editAfter completing his doctorate, he joined the Soviet Academy of Sciences Institute of Radio-engineering and Electronics in 1967, where he specialized in laser material physics, researching synthesis of active gain medium materials.[4][5]
In 1990, Gapontsev founded IPG Photonics at age 51. In a small laboratory near Moscow, he and his team invented a way to make fiber laser technology practical.[6] His first contract was a $750,000 sale to Italtel, fulfilled by establishing IPG Laser GmbH factory in Burbach, which was employing 500 workers in 2011.[4]
In mid-1990s, he expanded his business into the US by partnering with Dallas-based RELTEC Communications to produce 10,000 optical amplifiers for new BellSouth fiber network, which was being built to connect 5 millions of US households to Internet. IPG Photonics was incorporated in the US in 1998.[4] After moving his firm to the US, he raised $100 million investment from Merrill Lynch and Apax Partners.[7] IPG specializes in production of telecommunications and industrial high-power lasers. According to Forbes, Gapontsev's firm controlled 80% of the high-power fiber laser market in 2011.[4] Its revenue reached $1.4 billion in 2017.[7] Gapontsev and his family own 47.6% of IPG.[8]
In 2011, Gapontsev received the Russian Federation National Award in Science and Technology.[1]
In 2019, Gapontsev was erroneously sanctioned as a "Russian oligarch". The decision was later reversed by the US Treasury.[9]
In 2020, Forbes ranked him No. 359 on the Forbes 400 of the richest people in America.[10]
Personal life
editHe was married, with one child, and lived in Worcester, Massachusetts.[2]
Gapontsev died on 22 October 2021. The cause of death is unknown, but it is known that he had cancer.[11] The official corporate memorial encourages donations to local surgical oncology and liver and pancreas research funds.[12]
References
edit- ^ a b "Valentin Gapontsev". President of Russia. Retrieved 7 February 2018.
- ^ a b "Forbes profile: Valentin Gapontsev". Forbes. Retrieved 23 October 2021.
- ^ a b "Independent Thinker: Valentin Gapontsev of IPG Photonics". spie.org. Retrieved 7 February 2018.
- ^ a b c d e Kutuzov, Roman (25 April 2011). "Он ушел из науки в бизнес в 51 год. Сейчас у него $800 млн" [He left science for business at 51. Now he's worth $800mln]. Forbes. Archived from the original on 17 January 2014.
- ^ Hagerty, James R. (9 November 2021). "Russian Scientist Brought Laser Technology to U.S." The Wall Street Journal. Archived from the original on 9 November 2021.
- ^ Hecht, Jeff (28 October 2021). "Valentin Gapontsev leaves behind impressive tech legacy". Laser Focus World.
- ^ a b Mufson, Steven (3 August 2018). "The tribulations of 'oligarch' No. 27". The Washington Post. Archived from the original on 4 August 2018.
- ^ MAIN, Peter S. Cohan WALL &. "Valentin Gapontsev, Worcester's aging billionaire". telegram.com. Retrieved 7 February 2018.
- ^ Mufson, Steven (11 September 2019). "Treasury admits Russian-born physicist shouldn't be on oligarch list that it cribbed from Forbes". The Washington Post. Archived from the original on 8 April 2021.
- ^ "Valentin Gapontsev & family". Forbes. Retrieved 13 October 2020.
- ^ "Умер российский миллиардер Валентин Гапонцев". www.azerbaycan24.com (in Russian). 23 October 2021. Retrieved 23 October 2021.
- ^ "In Memoriam: Dr. Valentin Gapontsev". www.ipgphotonics.com. 24 January 2023. Retrieved 24 January 2023.