The deal opens up interest in several other sectors, one of them is the intralogistics industry where we see great potential, too. Our technology is very suitable for automated logistics robots, such as AMR: s and AGV: s. Forklifts are another possible application.
Our technology is very well suited for soft mobility, smaller electrified vehicles, such as last mile delivery vehicles, scooters and electric bikes, etcetera, where normal battery operation always means limitations. With our fuel cells, it is possible to extend the range considerably compared to be depending on batteries only.
Our technology is ideal for e-mobility as it is specifically developed to provide freedom-in-design, modularity, flexibility and high energy density. The actors in this fast-growing segment are also increasingly attracted to the benefits hydrogen offers. I am very proud to announce this commercial development project with a highly respected component manufacturer within the electric mobility domain.
My task now, together with the other board members, will be to give the company the best possible conditions to succeed. A high-functioning, well-composed board that works closely with the CEO to provide support in various strategic issues and in the company’s long-term financing is crucial for the company to succeed.
The realization that batteries and existing infrastructure will not be able to meet the energy and power needs of an electrified, digital world is spreading among decision-makers and investors. With that insight, the pace of change increases. And here we are: myFC is an established player, known in international fuel cell circuits with an extensive patent portfolio and a unique flexible technical solution that can solve so many problems in a world where hydrogen systems are now being put in place.
Our technological advantages are more than performance figures. What we do is complex, and every breakthrough in the lab needs to be seen in a larger context. Every country that announces its hydrogen strategy means a more clearly defined addressable market for us. As the adoption of hydrogen takes off, authorities and regulators not only look for large systems – there are already clear indications from for example Germany of the commitment to maximize the investment. That requires smaller systems, too. Such as ours.
I’m pleased to bring another engineer into the company, although this one is particularly skilled in finance, too. As I say welcome to Mattias, I would also like to again thank Ulf Henning for his nearly 9 years of service to the company as CFO, and for ensuring an orderly transition to Mattias.
On behalf of the board, I would like to extend my warm thanks to Markus Hermanek for his services to myFC during these years. Markus has built the foundations for myFC to continue to prosper into the future. I am pleased to announce the nomination of Ulf Henning as our new Chairman. He is a seasoned senior executive with experience from several publicly listed companies, and he has a unique, deep understanding of myFC.
A taxi business or delivery service only makes money when the vehicles are rolling, and in order to be charged, electric vehicles must stand still. But if you add a fuel cell to the equation, you can keep the business going uninterrupted without having to invest in, for example, extra batteries. It is an incredibly elegant solution and the whole logic behind our technology development.
This patent is further evidence of our technological edge in the segments we are focused on – 2-4 wheelers, marine applications, and their auxiliary systems. Every industry seeks to simplify production and reduce cost. That makes innovations such as ours, which minimize the number of components, very desirable.
This is a very innovative solution and a highly efficient valve design. One application example is when a single fuel cell is inverted, so that it generates gas rather than converting it to energy. That way a hydrogen activated membrane expands and regulates the flow into the remaining fuel cells for an efficient hydrogen flow regulation and a very simple and cost-efficient production solution.
On June 17, we demonstrated a fully functional concept vehicle using our fuel cell technology for electric propulsion. It was a milestone and an example of what our technology, integrated into our customers’ applications, is capable of. In essence, we showed how our hydrogen fuel cells can offset and solve some of the pain points of batteries, supporting the global shift to electrification.
We are at a point in time when our technology development is well matched with market readiness for hydrogen-based energy solutions. We are in a position where our technology is proven and ready for integration in a wide variety of applications. Market demand for electrified mobility – 2-4 wheelers, marine applications and their auxiliary systems – is growing rapidly in every part of the world. If that was not evident already, the global Covid-19 pandemic has certainly proven that safe, cost-effective, and green last-mile mobility is a necessity in our society.
We have successfully secured substantial funding for myFC, which will further enable myFC to capitalize on the commercialization of its unique fuel cell technology.
Last-mile electric mobility is essential in the regions where RahRah Technologies plans to operate and we are eager to evaluate what role fuel cells could have in our vehicles. myFC has a compelling technology solution and I look forward to exploring how it could support our products.
myFC develops innovative technology solutions in an interesting area with a clear focus on reduced climate impact.
We can reduce carbon footprint and improve customer experience for companies who are looking for a sustainable and innovative complement to batteries. Our technology solution is relevant for any manufacturer of battery-operated products that is interested in adding hydrogen and fuel cells to the equation.
JAQ Hybrid has been well received in Japan, with excellent user reviews among other things. I am very pleased that Lightec has now placed its second order and I look forward to a continued good cooperation.
Ville Lejon-Avrin, Sales Manager at myFC
We’re defending our technology and strong patent portfolio, we’re increasing the distance to the competition, and we continue to push the development of green fossil-free fuels forward.
Safeguarding our technology and our innovations with strong IP protection is an important part of our strategy
myFC’s solution, a fuel cell-based range extender, cleverly addresses these challenges promising lowered OEM cost, longer driving ranges, and integration flexibility – obviously still with zero tailpipe emissions.
myFC was founded to reduce dependency on batteries. The company’s commitment remains to provide a realistic complement to lithium ion batteries – one that is more accessible, more sustainable, and with higher energy relative to weight.
To maintain the ability to communicate when power is out is a new but crucial form of emergency preparation. In these times of being prepared for the unexpected, JAQ Hybrid is innovative, reliable and creates green electricity.
Consumers can trust the cards they use are certified and safe, manufacturers can be confident the warranties of their products won’t be compromised, and we at myFC are assured our potential recurrent revenue from PowerCards is protected
The combination of green electricity and never needing to worry about a depleted smartphone is very attractive to Japanese consumers. We look forward to offering JAQ Hybrid to our customers.
Sebastian Weber, Chief Technology Officer
myFC is at the forefront of technology development, and we are a highly-skilled company. To hire individuals with extensive experience and an absolute focus on the task ahead is a prerequisite for our continued expansion and development.
MyFC's focus on development in the fuel cell area is very timely, and exciting for anyone with my background. I'm looking forward to helping make this technology available to many
In summary, I look back on Q1 2018 as a quarter when we took many important steps. Our first delivery of JAQ Hybrid has been completed and we have handled the continuous development of our base technology in a satisfying way. Interest in our products and technology among potential customers has accelerated. I look forward to continuing to sell JAQ Hybrid, and at the same time promote the underlying technical components and all the benefits of our patented technology to the smartphone world, power bank manufacturers and manufacturers (OEM) in the automotive industry, backed by a unique and world-leading technology, strong finances enabling investments ahead, and a strong team that can execute according to plan
“I have spent my entire career working with technology and development within the automotive industry. Since 2005, I have dedicated myself more or less exclusively to cleantech in different forms. That decision came with the realization of what is happening with our climate, where the transport sector has a very large responsibility for reducing emissions,” “MyFC has very interesting technical solutions to some of the electric vehicle industry’s hurdles, especially fuel distribution in combination with their fuel cell. To generate hydrogen on-site, as myFC does, must be explored. I want to contribute with my knowledge to realize that solution.”
”Per has exceptional experience from the automotive industry, and with him on board we’ll take a big step forward when it comes to automotive competence in the board. He will be very valuable in our work to develop a range extender for electric cars, LAMINA REX. Per has a contagious, genuine passion for green energy, and wholly shares our ambitions to forward this technology and make it truly commercial,”
We estimate that our fuel cell LAMINA and its fuel will exceed lithium-ion batteries by latest 2020 in terms of energy per volume and weight.
The need for green energy technology cannot be overestimated.
I have promised organizational reinforcements for a long time, and I am very pleased to be able to deliver on that promise.
With JAQ Hybrid we’ve made the world’s smallest fuel cell charger even smaller and smarter. It’s a big step toward our vision of constantly available green energy.