By Ben Glickman
Zinc8 Energy Solutions is losing its chief executive as the company cuts nearly all of its employees in an effort to stay afloat.
The Vancouver, British Columbia-based company, which develops zinc-based batteries, said that CEO Ron Macdonald and director Gurcharn Deol had resigned. Simon Fan, chief technology officer, will lead the company on an interim basis until the company selects a new CEO.
Zinc8 said that it was terminating all of its employees, save for a few essential personnel, effective Sept. 30 in order to reduce expenses. The company said it does not currently generate revenue, and its ability to continue operations depends on securing additional financing.
The company said it was “evaluating its options to continue its business and the advancement and deployment of its technology.” Zinc8 will also explore sales opportunities for its products, as well as potential licensing, monetization, merger and divestiture options.
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