The head of Swatch, Nick Hayek, intends to use the company group’s subsidiaries Belenos and Renata to establish a second stream of income by developing electric cars with vanadium batteries. After many years of work, they are said to be tested soon in China. In summer 2015, Swatch had announced its decision to stop the development of fuel cell versions and transfer activities in this field to Groupe E
“Everything has progressed at a much faster pace than I expected,” Guido Gummert, formerly CEO of SOLIDpower, had told the Aachener Nachrichten in early 2017. What he meant was the rapid turnaround at Ceramic Fuel Cells after it filed for bankruptcy in March 2015. After SOLIDpower took over Ceramic Fuel Cells, business recovered fast, but now Gummert left the Italian-based manufacturer of stationary fuel cells at the end of February 2017 at his own request.