Solid Energy CEO steps down

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The battery startup went public in a reverse merger remaining yr.

Solid Energy Inc., the battery startup that went public in a reverse merger remaining yr, acknowledged its chief executive officer Doug Campbell is stepping down.

Solid Energy‘s board appointed company president David Jansen to wait on as length in-between CEO while it searches for a permanent alternative, the Louisville, Colorado-primarily based company acknowledged in an announcement Tuesday.

Solid Energy is one of a pack of startups including QuantumScape Corp. that were pursuing tough-pronounce batteries, an innovation promising to dramatically speed up electric-car adoption by providing automakers with a safer, more cost-effective different to lithium-ion batteries. Solid Energy has an agreement to test its battery cells with Ford Motor Co. and BMW AG, each and every of which occupy invested within the corporate.

Campbell famed on the corporate’s third-quarter earnings call earlier this month that while it had delivered pattern cells to Ford and BMW on agenda, a factual labor market and quality elements with some of its commodity materials had keep a stress on its plans.

Campbell, who co-founded the startup in 2011, is relinquishing his board seat nevertheless acknowledged he’ll reside a “well-known shareholder” within the corporate, in step with the enlighten.

Shares of Solid Energy occupy tumbled 51 p.c this yr to $4.29, and in aftermarket purchasing and selling fell about 1 p.c as of 5:25 p.m. in Fresh York.

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