Flux Names Royal CFO

Flux Power Holdings Inc., a developer of advanced lithium-ion energy storage solutions for electrification of commercial and industrial equipment, has named Kevin Royal, CPA, chief financial officer. Royal replaces Chuck Scheiwe.

• Scheiwe will remain with Flux Power in a consulting role for the near term to help facilitate the transition.

Royal brings over 20 years of experience as a CFO for four publicly traded companies. He has a history of demonstrated achievements contributing to superior corporate performance through expert alignment of financial initiatives and operational goals with organizational objectives.

Before joining Flux Power, Royal was executive vice president and CFO for Zovio Inc. (formerly Bridgepoint Education). Previously he was senior vice president and CFO of Maxwell Technologies, a publicly traded developer and manufacturer of energy storage and power delivery products for automotive, heavy transportation, renewable energy, wireless communications, and industrial and consumer electronics applications. There he introduced product cost reduction and pricing controls that substantially increased gross profit margins from the sale of the company’s energy storage, power delivery, and radiation-mitigated Royal holds a Bachelor of Business Administration, Accounting, from Harding University and is a Certified Public Accountant.

“On behalf of our board and management team, I would like to welcome Kevin… we are privileged to have someone of his caliber and financial skill set serve as our CFO,” said Ron Dutt, Flux Power chief executive officer.

“I would like to thank Chuck for successfully leading the finance team and for his contribution in helping move Flux Power to this inflection point.”

Flux Power designs, manufactures, and sells advanced lithium-ion energy storage solutions for electrification of a range of industrial and commercial sectors including material handling, airport ground support equipment (GSE), and stationary energy storage.

Royal added: “I am excited to be appointed as CFO as we prepare Flux Power for the future with a pipeline of orders and new customer opportunities that combined with cash profitability improvement initiatives, is leading the company toward near-term profitability.

“I look forward to working with Ron, the senior leadership team, and our finance team as we continue to execute on our strategic and financial priorities and our commitments to all shareholders.”