Elogen’s CEO has stepped down as the company halts construction of its electrolyser gigafactory in Vendôme, France, following a €33m ($34m) EBITDA loss for the 2024 financial year.
Last month, parent company GTT Group announced it was conducting a strategic review of its subsidiary. It has now been revealed that the gigafactory construction will be suspended, and up to 110 positions at the company could be eliminated.
Read more:GTT announces ‘strategic review’ of French electrolyser subsidiary Elogen
A statement released by GTT suggested Elogen will undertake a shift in its business focus over the long term. “Accordingly, and without ruling out other options for its future, Elogen’s activities should, in the long term and following the delivery of current orders, focus on R&D.”
This will result in the examination of future options for its Vendôme site, in consultation with local authorities. To minimise the number of compulsory departures, Elogen will initially implement a voluntary redundancy phase.
“These measures will be subject to information and consultation procedures with employee representative bodies, which will commence immediately,” the statement added.
Jean-Baptise Choimet has resigned as CEO, and Philippe Berterottiére, Chairman of the Board of Directors, has been assigned the role on an interim basis. A process has been initiated to select a new CEO for Elogen.
GTT acquired Elogen in 2020, and construction of the electrolyser gigafactory began in January 2024, backed by €86m ($89m) from the French Government.
However, Elogen did not receive any “significant orders” in 2024, leading to an EBITDA loss of €33m.
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