Strong Energy Inc., the solid-state battery startup that went public in a reverse merger final yr, stated 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 stated in a press release Tuesday.
Strong Energy is one in every of a pack of startups together with QuantumScape Corp. and SES Holdings Pte which have been pursuing solid-state batteries, an innovation promising to dramatically velocity up electric-vehicle adoption by offering automakers with a safer, cheaper different 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 decent 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 stated he’ll stay a “important shareholder” within the firm, in accordance with the assertion.
Shares of Strong Energy have tumbled 51 % this yr to $4.29, and in aftermarket buying and selling fell about 1 % as of 5:25 p.m. in New York.