PowerCell signs MOU with Siemens regarding development of marine systems based on fuel cells
PowerCell Sweden AB (publ) has signed a memorandum of understanding with the German industrial group Siemens AG regarding a joint development of fuel cell-based drive and power generating systems for marine applications.
The aim is to integrate PowerCell’s fuel cell systems in Siemens’ existing systems for drive and power generation for the marine segment.
The English version is an in house-translation. In case of any discrepancy, the Swedish text will prevail.
Siemens AG is a world leading manufacturer of integrated propulsion and power generating systems for marine applications and has developed a complete system that is being marketed and sold under the name of SISHIP BlueDrive. PowerCell and Siemens will jointly develop a fuel cell-based system that can be integrated into ships such as ferries, yachts and cruise ships.
Commercial shipping is affecting the environment through emissions of both carbon dioxide and particle matters. The International Maritime Organization, IMO, has set a target to reduce the emissions from commercial shipping with 50 percent by 2050, which will require a substantial decrease in the use of fossil fuels. In June a power generating system based on PowerCell’s fuel cell stacks and developed by PowerCell’s Norwegian joint venture Hyon, got the first ever approval in principle for a fuel cell-based power generating system for marine vessels.
Great potential
“In large segments of the marine industry a rapid transition has already started, with increased electrification and decreased use of fossil fuels as strong trends”, Per Wassén, CEO of PowerCell said. “If commercial shipping is to meet the IMO target, and seriously take on the challenge that the climate change poses, large sections of it has to convert to much more sustainable solutions. Fuel cells are a very promising alternative and Siemens and PowerCell see a great potential for the cooperation we are now entering into.”
For further information, please contact:
Per Wassén
CEO, PowerCell Sweden AB (publ)
Phone: +46 (0) 31 720 36 20
Email: per.wassen@powercell.se
About PowerCell Sweden AB (publ)
PowerCell Sweden AB (publ) develops and produces fuel cell stacks and systems for stationary and mobile applications with a world class energy density. The fuel cells are powered by hydrogen, pure or reformed, and produce electricity and heat with no emissions other than water. As the stacks and systems are compact, modular and scalable, they are easily adjusted to any customer need.
PowerCell was founded in 2008 as an industrial spinout from the Volvo Group. The share (PCELL) is since 2014 subject to trade at Nasdaq First North Stockholm with G&W Fondkommission as Certified Adviser.
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