Alder Fuels says founder Sherbacow engaged in “questionable financial transactions”

Alder Fuels has issued a statement regarding the departure of founder and CEO Bryan Sherbacow in late December.

It says: “As a result of enhanced management processes, the company uncovered that the now-former CEO, Bryan Sherbacow, engaged in questionable financial transactions that benefited him personally. Upon discovery, the Board immediately commenced a comprehensive review of the transactions and terminated Mr. Sherbacow for cause. Simultaneously, the Board appointed Tim Obitts as Acting CEO to lead the company forward.”

The company says that it has reorganized the company’s personnel, operations, and partnerships.

“With multiple DOE grants awarded, strong leadership, multimillion-dollar investments, significant strategic partners, and a commercial path forward, Alder’s enormous potential is clear,” said Xavier Adserà, Chairman, Alder Fuels. “Once commercialized, Alder’s proprietary technology will play a pivotal role in decarbonizing and defossilizing critical parts of our economy. The Board and its investors are committed to the company’s success.”   

You can view the full statement here.

Bryan Sherbacow was unavailable for comment.