PowerCell in contract preparations on EU funding for development of fuel cell systems for passenger cars

The Nordic leading fuel cell company PowerCell Sweden AB (publ) has together with a consortium applied for an EU funding through the Fuel Cells and Hydrogen 2 Joint Undertaking for development of a system based on the fuel cell stack PowerCell S3 for integration and testing in passenger cars. The application has been positively evaluated and the participants in the project have now been invited for contract preparations.

With its deep knowledge of fuel cells and fuel cell systems the leading fuel cell company PowerCell Sweden AB has together with a consortium applied for an EU funding through the Fuel Cells and Hydrogen 2 Joint Undertaking for development of a system based on the fuel cell stack PowerCell S3 for integration and testing in passenger cars. The application for the EU funding has been positively evaluated and the participants in the project have now been invited to contract preparations.

The aim of the project is to develop advanced components for fuel cell systems for passenger cars, in order to improve efficiency, reliability and reduce costs.

PowerCell will develop a complete and competitive fuel cell system based on the fuel cell stack PowerCell S3 (100kW) and peripheral components developed by the other partners in the project. Volvo Car Group will then integrate and test the system in one of their passenger cars.

"This is an incredibly exciting project and we look with confidence forward to start the cooperation with the other partners in the consortium, to jointly develop a complete and competitive fuel cell system. The interest in PowerCell's solutions is increasing within the automotive industry, an industry that seeks power solutions that are clean, sustainable and compliant with the continuously stricter environmental legislation", said Per Ekdunge, vice President and CTO, PowerCell Sweden AB.

The PowerCell S3 (scalable 20-100kW) is designed to use pure hydrogen as fuel and is very compact and designed to meet the demanding requirements of automotive applications. As previously announced, Volvo Car Group and PowerCell also conducts another joint project in which the fuel cell stack PowerCell S2 is tested as a Range Extender, REX, for electric cars.

The consortium consists of following European companies and research institutions: PowerCell Sweden AB, Sweden; AB Volvo Car Group, Sweden; Fundacion Ayesa, Spain; Brose Fahrzeugteile GmbH & Co. Kommanditgesellschaft, Germany; AVL LIST GmbH, Austria; Deutsches Zentrum Fuer Luft- und Raumfahrt EV, Germany; Universitat Politecnica de Catalunya, Spain; Steinbeis-Europa-Zentrum, Germany and Celeroton AG, Switzerland.

A contract signing from the European Union is expected in December 2016. The EU funding through the Fuel Cells and Hydrogen 2 Joint Undertaking is strategically important, but has a limited effect on the company's results.

Gothenburg, Sweden, October 11, 2016.

For further information, please contact:
Per Wassén
CEO, PowerCell Sweden AB (publ)
Phone: +46 (31) 720 36 20
Email: per.wassen@powercell.se

The information in this press release is information that PowerCell Sweden AB (publ) is obliged to make public pursuant to the Act (1991:980) on Financial Instruments Trading, the Act (2007: 528) regarding the Market of Securities and / or the EU regulation no. 596/2014 on Market Abuse.

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

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