ChromoGenics AB has lost one of its longtime directors. Poul Erik Schou-Pedersen asked to leave the board of the Swedish smart-glass company, and the company accepted. He stepped down on January 31, 2018, and the news was released the next day.
Schou-Pedersen sat on the board as the representative of New Energy Solutions II K/S, one of the main shareholders in ChromoGenics. He told the board he was moving into an operational job as CEO of a Danish company. As a result, he no longer had time for the board seat.
Board chairman Anders Brännström thanked him for his large contribution. He also praised the commitment Schou-Pedersen had shown to the company over the past decade.
After his exit, the board has five members. That is still within the rules, since the articles of association allow three to seven directors and up to three deputies. Any replacement will be elected at the next annual general meeting.
ChromoGenics makes dynamic glass that controls how much heat and light enter a building. Its electrochromic technology, sold as ConverLight, offers lasting sun protection. The company says it also makes rooms more comfortable and saves energy. Commercial sales to building projects in Scandinavia began in 2016.
The company is based in Uppsala and has about 20 employees. Its roots go back to research at the Ångström Laboratory of Uppsala University, which the company calls world-leading. A conditional loan from the Swedish Energy Agency helped pay for part of its production plant.
ChromoGenics shares trade on Nasdaq First North Stockholm under the ticker CHRO, while G&W Fondkommission acts as its Certified Adviser. Because the board change was inside information under EU market abuse rules, the company published it at 8:30 a.m. CET on February 1, 2018.
