myFC Holding AB (publ) interim report April – June 2021

Quarter April – June 2021
 

• Net sales amounted to SEK 1.0 million (0)
• Operating profit amounted to SEK -9,7 million (-15.3)
• Earnings per share amounted to SEK -0.06 (-0,10)

Significant events April – June
 

• myFC receives order for hydrogen fuel cell systems from global player in soft mobility
• Alex Guy leaves the board of myFC, remains as majority owner
• Mattias Kirvesniemi joins myFC as CEO

Comment from CEO Michael Glantz:

"We are entering a very exciting time for myFC. The interest in hydrogen solutions is now increasing noticeably from both industry and society. The pattern is familiar from other technology shifts: once the changes in society occur, they occur rapidly. At myFC, we are well prepared for this shift and can capitalize on it.

There is no better proof of our increasingly strong position than the most important announcement of the quarter: the order of a number of fuel cell systems from a global player in soft mobility.  This commercial breakthrough is the result of many years of determined and persistent technology development and relationship building with potential partners. I look forward being able to share more details, including the name of our partner. Until then I will have to settle with stating that that this is a commercial breakthrough for us, with an ideal target application for our technology, and a very exciting partner.

This order says a great deal about where myFC is now. During the quarter, we advanced our position within two prioritized segments: soft mobility (smaller vehicles, often in urban environments) and intralogistics (warehouse robots and more). Our offering for these markets is very competitive, as our technology development is based on applications with lower power needs. In addition, we are more or less alone in having a solution optimized for these markets, as most other fuel cell players are focused on larger, stacked solutions that lack the lightness and flexibility of our technology.

We have also submitted our final report for one of the projects funded by the Swedish Energy Agency. This kind of collaboration project is valuable for us beyond the purely technical as they provide a valuable network with innovation-driven Swedish companies leading the technology development toward a more modern and sustainable society. Through deeper understanding of the other companies’ areas of expertise we have gained further insights in finding holistic partnerships for our customer offering.

We are also building networks and understanding in the infrastructure domain, where we focus on what we do best – technology development focused on fuel cells – and rely on experts for hydrogen supply. This market has many potential partners and we have several ongoing discussions.

It is undeniably an exciting time for myFC. The demand for our technology is increasing and the obstacles we need to overcome are eroding. I, the company management and the board now have the privilege of exploring how we can reinforce our organization with critical competence where it has the greatest impact – so that we can, indeed, capitalize on this initiated technology shift.

I look forward to this fall with great confidence."

This disclosure contains information that myFC is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 23-07-2021 12:00 CET.

For further information, please contact: 
myFC Press Office 
Mail:  press@myfc.se 
Phone: +46 707 89 07 40

Certified Adviser
Avanza Bank
Mail: corp@avanza.se
Phone: +46 8 409 421 20

About myFC
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