PowerCell presents interim report
The leading Nordic fuel cell company PowerCell Sweden AB (publ) presents interim report for Q2 2017. The company describes a continued increase in customer interest and a constantly increasing number of requests from companies wanting to test PowerCell's products and prototypes.
The quarterly sales efforts and successful directed share issue, which included a capital injection of MSEK 225 before issue costs, confirms the transition of PowerCell: From a technically-oriented start-up company with focus on development, into an innovative commercial pioneering company with products designed for mass production. The quarter's net sales amounted to TSEK 5 996, which is more than twice as much as the second quarter of 2016.
"We see a continued increase of customer interest and get a constantly increasing number of requests from companies wanting to test PowerCell's products and prototypes. The continued heat records that are measured around the world remind us that it is urgent to switch to environmentally friendly alternatives and to invest in hydrogen and fuel cell technology", says Per Wassén, CEO of PowerCell Sweden AB.
During the second quarter, PowerCell has announced a non-binding letter of intent with German authorities. The project, called AutoStack-Industrie, aims to develop the PowerCell S3 as a common technology platform for the German automotive industry. The project includes BMW, Daimler, Ford and Volkswagen, amongst others.
"The interest for fuel cells is growing, and we want to make it easy for customers to implement environmentally friendly alternatives. During the quarter we have formed a joint venture with Norwegian Nel ASA and Hexagon Composites to develop integrated hydrogen solutions and together create a one-stop-shop for the customers", says Per Wassén.
Together with the interest group Vätgas Sweden, PowerCell participated in the Almedalsveckan in Visby, where the need for fossil-free transport was discussed intensively.
"We are pleased that politicians at regional and local level start to take initiatives to enable this also in Sweden. For example, Västra Götaland has contributed to the realization of the hydrogen station Mariestad municipality has built", says Per Wassén and concludes:
"We are in a major technology shift and through our platform strategy, that is based on products that can be easily customized and used in different customer applications, we are well positioned to meet the upcoming growth, thus creating value for the environment and society as well as for customers and PowerCell's shareholders."
Gothenburg, Sweden, August 18, 2017
For further information, please contact:
CEO, PowerCell Sweden AB (publ)
Phone: +46 (31) 720 36 20
This information is insider information that PowerCell Sweden AB (Publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:45 CET on August 18, 2017.
About PowerCell Sweden AB (publ)
PowerCell Sweden AB (publ) is the leading fuel cell company in the Nordics, which develops and produces environmentally friendly power systems for stationary and mobile customer applications.
PowerCell has developed a modular system of fuel cell platforms, powered by clean environmentally friendly produced hydrogen where only electricity, heat and water are emissions. The fuel cells are also designed to handle the reformed hydrogen from e.g. biogas, natural gas, biodiesel or standard diesel.
In case hydrogen infrastructure is missing, PowerCell has combined its leading fuel cell and reformer technology and developed a fuel cell system, PowerPac, which converts standard diesel, with hydrogen, into electricity. This is done in an energy efficient and environmentally friendly way, in which emissions of carbon monoxide, nitrogen oxides and particles are completely eliminated and the carbon dioxide is greatly reduced compared with a conventional diesel engine.
PowerCell Sweden AB (publ) is listed on First North at Nasdaq Stockholm and is an industrial spinout from the Volvo Group. G&W Fondkommission is appointed Certified Adviser by the Company. Among the largest owners are Midroc New Technology, Fouriertransform, Finindus and Volvo Group Venture Capital. For additional information, please visit: www.powercell.se.
PowerCell Sweden AB (publ) har tagit emot en strategiskt viktig order från en global OEM inom automotive avseende PowerCell S3 bränslecellsstackar och MS-100 bränslecellssystem för test och utvärdering. Ordervärdet uppgår till mer än 3 MSEK.
PowerCell Sweden AB (publ) has received a strategically important order from a global automotive OEM for PowerCell S3 fuel cell stacks and MS-100 fuel cell system for testing and evaluation. The order value amounts to more than MSEK 3.
Under första kvartalet 2018 genomförde PowerCell Sweden AB (publ) fler marknadsaktiviteter än under något kvartal tidigare och försäljningen fördubblades jämfört med samma period förra året.
During the first quarter of 2018, PowerCell Sweden AB (publ) performed more sales and marketing activities than any quarter before and sales doubled compared to the same period last year.
PowerCell Sweden AB (publ) har tecknat ett avtal med Dana Inc. som säkrar leveranser av bipolära plattor av hög kvalitet.
PowerCell Sweden AB (publ) has signed an agreement with Dana Inc., securing the supply of bipolar plates of high quality.
PowerCell Sweden AB (publ) höll onsdagen den 18 april 2018 årsstämma i bolagets lokaler på Ruskvädersgatan 12 i Göteborg.
The English version is an in house-translation. In case of any discrepancy, the Swedish text will prevail.
PowerCell Sweden AB (publ) held on Wednesday 18 April 2018 Annual General Meeting ("AGM") in the company's premises at Ruskvädersgatan 12 in Gothenburg.
PowerCell Sweden AB (publ) har tagit emot ytterligare en order från en kinesisk kund som kommer att testa PowerCell S2 i kommersiella fordon. Ordervärdet uppgår till 2,3 MSEK.
PowerCell Sweden AB (publ) has received yet another order from a Chinese customer who will test the PowerCell S2 in commercial vehicles. The order value amounts to MSEK 2.3.
PowerCell Sweden AB (publ) deltar, genom företagets norska joint venture Hyon AS, i ett projekt för att utveckla emissionsfria fartyg.
PowerCell Sweden AB (publ) participates, through the company's joint venture Hyon AS, in a project to develop emission-free vessels.
PowerCell Sweden AB (publ) har tagit emot en prototyporder från en internationell Tier 1 leverantör på PowerCell S3 bränslecellsstackar till ett värde av 6,9 MSEK.
PowerCell Sweden AB (publ) has received a prototype order from an international Tier 1 supplier for PowerCell S3 fuel cell stacks worth MSEK 6.9.
PowerCell Sweden AB (publ) kallar i dag till årsstämma den 18 april 2018 och presenterar samtidigt årsredovisningen för 2017.
PowerCell Sweden AB (publ) summons shareholders to Annual General Meeting April 18, 2018, and presents the annual report for 2017.
PowerCell Sweden AB (publ) har fått ytterligare ett patent godkänt i Kina, Kanada och Sydkorea.
PowerCell Sweden AB (publ) has received another patent approved in China, Canada and South Korea.
PowerCell Sweden AB (publ) har presenterat bokslutskommuniké. Under kvartalet tredubblades försäljningen jämfört med samma period föregående år, och bolaget har levererat bränslecellsstackar och -system till kunder i både Asien och Europa.
PowerCell Sweden AB (publ) has presented the Full year report. During the quarter, sales were tripled compared to the same period last year, and the company has delivered fuel cell stacks and systems to customers in Asia and Sweden.
PowerCell Sweden AB