Senior managers at ‘PbC’ lead carbon battery maker Axion Power have taken “significant” salary deferrals to conserve cash as the company executes a new strategy.
In a letter to shareholders, Axion CEO David T. DiGiacinto said the deferrals were to meant to preserve a $6m investment in the company received in October.
“We are continuing to slim down our expense structure and concentrate on the core of our technology, making our electrodes the best they can be, and working with our customers to construct energy storage solutions that fit their needs,” said DiGiacinto.
“We will be communicating with potential out-sourcing partners who are capable of handling battery manufacturing using our proprietary activated carbon electrode material, and with large companies interested in helping to cost-reduce the activated carbon materials for our patented electrodes.
“We appreciate the support of our senior management team, who have all taken significant salary deferrals in order to conserve the cash invested in us in October.”