Munich, Germany – Pyrolyx AG has postponed a 12 Dec extraordinary general meeting specially arranged for a vote of no confidence in chief financial officer Sven Eric Molzahn, the company has announced.
In a statement 19 Oct, Pyrolyx indicated that it had terminated Molzahn’s contract, but the company did not respond to ERJ enquiries for confirmation or further details.
The postponement for “logistical reasons” continues months of turmoil at Pyrolyx, which has also seen a change of chairman and moves to close the company’s HQ in Munich and transfer functions to the US.
The restructuring moves are intended to “more closely align” Pyrolyx with the US market, which is expected to generate most future business, the company explained in the statement.
The company added that Thomas Redd, CEO of Pyrolyx USA Inc., was set to appoint a global CFO, and that a consulting agreement with founder and former chairman Niels Raeder had been terminated.
This followed the company’s 14 June announcement that Raeder had “decided to hand over” chairmanship to Bernhard Meder – a main shareholder and senior executive of CCT AG (carbon clean tech), when it was integrated into Pyrolyx in 2015.
Raeder started Pyrolyx in 2008 and led expansions, such as its majority takeover of US tire-pyrolysis firm ReKlaim Inc. – a deal linked to a 2017 IPO on the Australian Securities Exchange – and a project to build the world’s biggest rCB plant in Terre Haute, Indiana.
According to the June announcement, Raeder was to have continued serving as an advisor and support Pyrolyx’s international expansion and strategic partnerships with the international tire and carbon black industry.
In its latest update, Pyrolyx added that it would complete the construction of its Terre Haute plant by May next year. Operations to produce rCB from scrap tires are due to start soon after.
Pyrolyx added that it had provided €2.37 million of fresh funding for the US project. This is in addition to a €2-million loan facility from TSAL Pty Ltd, an entity associated with Michael Triguboff, a supervisory board member of Pyrolyx.