August 15, 2025: The chief financial officer of battery developer Microvast, Carl Shultz, has left the company less than four months after his appointment.

Microvast revealed his departure in a US Securities and Exchange Commission (USEC) announcement, saying Schultz had ceased to be employed as of July 29.

The reasons for his departure were not disclosed.

In a separate USEC announcement, on August 7, Microvast said its VP of corporate strategy, Rodney Worthen, had been appointed to serve as interim CFO.

Worthen joined the EV and ESS battery tech company in June 2023.

In May 2023, the US Department of Energy reversed a decision to award Microvast a $200 million grant to build a lithium ion battery separator plant, amid claims the company had links to China.

However, Microvast founder, chairman and CEO Yang Wu, an American citizen, said neither China’s government or the Chinese communist party had any ownership of the firm or influenced operations in any way.

Last January, Microvast said it had reached a significant milestone in development of its ‘liquid electrolyte-free true all-solid-state’ battery (ASSB) tech.

Unlike conventional lithium ion or semi solid-state (SSS) batteries, ASSB utilizes a bipolar stacking architecture that enables internal series connections within a single battery cell, the company said.