Jun. 23 at 1:05 PM
$ZOOZ ZOOZ Power announces exploration of strategic alternatives, restructuring
ZOOZ Power announced that its board of directors has approved a plan to explore additional strategic alternatives to fully capitalize on its advanced, patented flywheel technology. Over the past several months, ZOOZ Power has engaged in ongoing discussions with a prominent defense and intelligence electronics company regarding deployment of a robust, repetitive short-duration power booster capable of operating in challenging environments.
ZOOZ Power is currently conducting a proof of concept with this defense company - a collaboration that has the potential to unlock new verticals and significantly broaden the application of its flywheel technology. As part of the efforts to enhance execution, the board has also approved a company-wide cost reduction and restructuring initiative designed to reduce operating costs by approximately 35%. These cost efficiencies will enable greater business flexibility.
