On July 13, 2020, Matthew Goldman resigned as a member of the board of directors and any committees thereof of Polar Power, Inc. Mr. Goldman did not resign as a result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. As a result of Mr. Goldman’s resignation, there will be one vacancy on the Board which the Company intends to fill through a robust and comprehensive search process. On July 13, 2020, upon the recommendation of the nominating and corporate governance committee of the Board and as a result of Mr. Goldman’s resignation, the Board appointed Katherine Koster as a member of the audit committee of the Board and Peter Gross as a member and chair of the compensation committee of the Board and nominating and corporate governance committee of the Board.
Polar Power, Inc. is a provider of direct current (DC) advanced power and cooling systems. The Companyâs product portfolio includes products for telecom, military, renewable energy, marine, automotive, residential, commercial, oil field and mining applications. Its systems can be configured to operate on any energy source, including photovoltaics, diesel, LPG (propane and butane), and renewable fuels. Its telecom power solutions offer cost savings with installation, permitting, site leases, and operation. Its military solutions provide power solutions for robotics, drones, communications, hybrid propulsion, and other applications. Its mobile rapid battery charging technology enables on-demand roadside charging for electric vehicles. Its combined heat and power (CHP) residential systems offer vehicle charging and integrated home power systems via natural gas or propane feedstocks. Its micro/nano-grid solutions provide lower cost energy in bad-grid or no-grid environments.