Lion E-Mobility AG, a manufacturer of lithium-ion battery packs for electric mobility and stationary energy storage, has announced that Alessio Basteri will step down from its Board of Directors. The Zug-based company disclosed the planned transition in a press release issued through NEWMEDIAWIRE, stating that it will immediately begin the process of identifying a new board member resident in Switzerland.
The departure marks a significant change in governance for the company, which was founded in 2011 and is listed on the stock exchanges in Munich, Frankfurt, and Hamburg. Basteri served as Chairman for many years before becoming a member of the board, and his exit creates a vacancy that the company aims to fill with a Swiss resident, a requirement that may reflect regulatory or operational considerations for a Swiss-incorporated entity.
In a statement, Basteri expressed gratitude to his colleagues at LION, particularly his fellow board members, for their trust and collaboration. He described his tenure as an amazing journey and indicated he will continue to support LION's Italian battery energy storage system (BESS) opportunity. That commitment may be material for the company as it seeks to advance its position in the growing energy storage market.
Ian Mukherjee, Chairman of the Board of Directors, praised Basteri's service, noting that he had served LION as Chairman for many years and that his work and commitment have been greatly valued. Mukherjee expressed the board's sincere thanks for Basteri's contribution and the time and dedication he gave to the role, adding that the board appreciates his willingness to continue supporting the Italian BESS opportunity and wishes him success in the future.
The board transition comes at a time when Lion E-Mobility is focused on scaling its battery pack production for electric vehicles and stationary applications. The company operates highly automated module assembly lines at its own production facility in Germany and markets customized plug-and-play solutions that emphasize safety, quality, and reliability. For investors, the planned board change may raise questions about continuity and oversight, but the company's immediate move to find a Swiss-resident replacement suggests a proactive approach to governance.
The search for a new board member will be watched closely by stakeholders, given the strategic importance of the Italian BESS initiative that Basteri will continue to support in an advisory capacity. More information about the company and its products is available at www.lionemobility.com, and the original release can be viewed through www.newmediawire.com.
