Strong Energy Inc., the solid-state battery startup that went public in a reverse merger final 12 months, mentioned its chief government officer Doug Campbell is stepping down.
Strong Energy’s board appointed firm president David Jansen to function interim CEO whereas it searches for a everlasting substitute, the Louisville, Colorado-based firm mentioned in a press release Tuesday.
Strong Energy is considered one of a pack of startups together with QuantumScape Corp. and SES Holdings Pte which were pursuing solid-state batteries, an innovation promising to dramatically velocity up electric-vehicle adoption by offering automakers with a safer, cheaper various to lithium-ion batteries. Strong Energy has an settlement to check its battery cells with Ford Motor Co. and BMW AG, each of which have invested within the firm.
Campbell famous on the corporate’s third-quarter earnings name earlier this month that whereas it had delivered pattern cells to Ford and BMW on schedule, a good labor market and high quality points with a few of its commodity supplies had put a pressure on its plans.
Campbell, who co-founded the startup in 2011, is relinquishing his board seat however mentioned he’ll stay a “vital shareholder” within the firm, in keeping with the assertion.
Shares of Strong Energy have tumbled 51 p.c this 12 months to $4.29, and in aftermarket buying and selling fell about 1 p.c as of 5:25 p.m. in New York.
