Solid Power CEO steps down

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Solid Power Inc., the solid-state battery startup that went public in a reverse merger last year, said its chief executive officer Doug Campbell is stepping down.

Solid Power‘s board appointed company president David Jansen to serve as interim CEO while it searches for a permanent replacement, the Louisville, Colorado-based company said in a statement Tuesday.

Solid Power is one of a pack of startups including QuantumScape Corp. and SES Holdings Pte that have been pursuing solid-state batteries, an innovation promising to dramatically speed up electric-vehicle adoption by providing automakers with a safer, cheaper alternative to lithium-ion batteries. Solid Power has an agreement to test its battery cells with Ford Motor Co. and BMW AG, both of which have invested in the company.

Campbell noted on the company’s third-quarter earnings call earlier this month that while it had delivered sample cells to Ford and BMW on schedule, a tight labor market and quality issues with some of its commodity materials had put a strain on its plans.

Campbell, who co-founded the startup in 2011, is relinquishing his board seat but said he’ll remain a “significant shareholder” in the company, according to the statement.

Shares of Solid Power have tumbled 51 percent this year to $4.29, and in aftermarket trading fell about 1 percent as of 5:25 p.m. in New York.