Doug Campbell has resigned as CEO of Louisville-based Solid Power, a developer of solid-state battery cells, which are considered the next evolution in electric-vehicle technology.
Campbell also resigned Tuesday from his position on the board of directors. His resignation was effective immediately.
The board has appointed David Jansen, the company’s chairman and president, as the interim CEO and has started a search for a permanent replacement.
The company didn’t respond Friday to a question about whether Campbell’s resignation had been expected.
Campbell co-founded Solid Power in 2011 as a spinoff from a research venture of the University of Colorado-Boulder. The company joined the Nasdaq in December 2021 after a merger with Decarbonization Plus Acquisition Corporation III, a special purpose acquisition company.
Solid Power raised $542.9 million from the transaction.
Campbell oversaw the company during key “inflection points,” including the initial research and development of Solid Power’s battery technologies and the securing of key partnerships with government agencies and auto manufacturers, said John Stephens, the company’s lead independent director.
“As we enter the next phase in our evolution and build on our momentum as a newly public company, Doug and the Board decided that now is the right time to identify a new leader who will drive our product development and commercialization capabilities,” Stephens said in a statement.
Solid Power’s stock fell after the announcement of Campbell’s immediate resignation. It was $4.39 a share Monday and $3.25 Friday afternoon. At the end of 2021, the stock price was $8.74.
Several companies are working on commercializing solid-state batteries for electric vehicles. The technology is seen as an evolution from lithium-ion batteries because they are faster charging and don’t pose the safety risks of liquid electrolytes, which can be volatile and flammable at high temperatures.
Solid Power has partnerships with BMW and Ford Motor Co. to jointly develop all-solid-state batteries. In 2021, the company announced plans to join with SK Innovation to produce its automotive-scale all-solid-state battery cells using Solid Power’s sulfide-based solid electrolyte.
Earlier this year, Solid Power said its pilot production line was up and running to make silicon, solid-state battery cells to be delivered to Ford and BMW. The automakers will then start qualification testing on the cells. At the time, Campbell called the development “a fairly big and major milestone.”
The company is developing a 75,000-square-foot plant in Thornton to produce the material used in the battery cells.
“While I am moving on to my next chapter to spend more time with my family in Albuquerque and to pursue community and philanthropic interests, I remain as confident as ever in the future of Solid Power,” Campbell said in a statement.
He said he would still be a significant shareholder in the company.
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