Executive Brief from CEO Michael Glantz: “Our new strategy yield results”
In October, it was 18 months since Michael Glantz became the CEO of myFC. In this Executive Brief, he shares his thoughts on the company's development and the news that has been communicated recently. His report exudes optimism and confirms that the change of strategy to B2B was the right decision.
“In my first Executive Brief, I spoke about a number of challenges the company faced. I was then almost three months into my new position as CEO, after working for many years as CTO at the company. Today, just over a year later, a lot has happened. There are several interesting topics to reflect on.
Then, in June 2020, we had recently abandoned our previous strategy of creating products directly for a consumer market. Since then, all focus has been on our new business-to-business strategy of looking for partners where we can add value with our patented technology. It has now begun to yield results.
Many different segments where our fuel cell technology fits are identified. Among them we have prioritised two segments where our technology has decisive advantages – intralogistics and soft mobility – and we have recently succeeded in attracting interest from two large groups which both have a global market. This has resulted in agreements for development cooperation. One with the German premium car manufacturer Porsche, which aims to streamline the automated intralogistics robots used at their warehouse in Leipzig. The other agreement is with a Japanese manufacturer of bicycle systems that explores the possibility of using our malleable micro fuel cell technology to extend the range, increase operating time and decrease weight of electric bicycles.
Intralogistics and soft mobility correspond to a multi-billion US dollar industry, where we already have two paying customers. Apart from that we also have many ongoing discussions with other parties. We see several segments where our technology would fit in and bring great benefits – the accomplishments we already have in intralogistics and soft mobile pave the way for other areas where our technology is very well suited.
The agreements are essential to us, as proof that we are on the right track and that our technology has significant commercial potential. Everything points to sustainable mobility as a concrete consequence of increasing global urbanization. We are also seeing an increasing degree of automation in all forms of production technology, to build future competitiveness. Not least in Europe.
In my first Executive Brief, I also talked about that the availability of hydrogen had matured. It has developed further since then. Within the EU we are now seeing how hydrogen in a short time has received a completely different priority from both politics and authorities.
At myFC we have started a collaboration with Nilsson Energy, which manufactures turnkey facilities for producing sustainable hydrogen that can easily be placed in connection with a production plant or a warehouse building. As a result, we can now through our partner offer our customers a turnkey solution where they become self-supporting with the sustainable hydrogen fuel needed to power our micro fuel cells.
All the commitments to the market in my first Executive Brief have thus been fulfilled and the company has taken several steps into a new era. During the past year, we have also made important recruitments of a project manager, a senior business advisor and engineers who have strengthened the organization, and who contribute to increased competitiveness.
If we look at our position today, and what the opportunities will look like in the next few years, we can state that we have never had better opportunities. Hydrogen is currently receiving a lot of growing attention as a sustainable alternative, not least within the EU. It gives us a leverage. Industrial companies are interested in our technology and from a political point of view, hydrogen is an important alternative and constantly on the agenda.
The market for fuel cell solutions is growing strongly. In the intralogistics segment the market value in the power range where we operate is estimated to amount to 16.6 billion US dollars in 2024. Of that, 425 million US dollars is estimated to consist of hydrogen-powered applications – a sum that thus represents a directly addressable market for us.
In the part of the soft mobility market that corresponds to our power range, the market in 2024 is estimated to amount to 8.8 billion US dollars, of which 86 million US dollars is a direct potential market for our technology.
We are refining our core business. Full focus is on our technology and our offering, which includes fuel cells as well as control and regulation technology in the power range that we have identified as ours. In short, we shall do what we are best at, and the production of hydrogen is an example of something that is not included there. For that, we instead have skilled partners.
Where there is a battery, we see a potential. There, in our power range, our malleable fuel cell technology means a unique offering, which has no defined competition today. When it comes to which segments, we should aim for, soft mobility and intralogistics are just the tip of the iceberg. There is a plethora of opportunities where our technology would make a significant difference and provide great market values by creating availability, increasing operating time and strengthening competitiveness.”
CEO for myFC
For further information, please contact:
myFC Press Office
Phone: +46 707 89 07 40
Phone: +46 8 409 421 20
Swedish innovation company myFC offers thin, scalable fuel cells that are easy to dimension and adapt to any electric application. myFC develops hybrid technology solutions combining batteries and hydrogen-based micro fuel cells for extended usage and reduced carbon footprint. The company was founded in 2005 and was listed on NASDAQ First North Growth Market in 2014. Its headquarters are in Stockholm. For more information, visit myFC.se