myFC Holding AB (publ) interim report January – September 2020
Quarter July – September 2020
Net sales amounted to SEK 0 (0)
- Operating loss amounted to SEK -11 million (-18)
- Earnings per share amounted to SEK -0.07 (-0.16)
Significant events July – September 2020
- Extraordinary general meeting resolves targeted new share issues
- Ulf Henning to retire from role as CFO
- myFC participates in feasibility study for development of a hybrid solution with combined battery and fuel cell system
Significant events after the end of the period
- Directed share issues in myFC bring in SEK 36 million and a Share Subscription Agreement signed with Global Emerging Markets adds an additional SEK 150 million of available funding
Comment from CEO Michael Glantz:
"Last-mile delivery vehicles have fundamentally changed our cities. Delivery trucks, service vehicles, pod taxis and electric scooters are idling on every street corner. These vehicles are challenged for range, but also with uptime. They need all their auxiliary systems – the cooling of grocery deliveries, IT delivery systems for real-time communication, light and heating – in continuous operation at all time, and they obviously can’t rely on fossil fuel-based generators. These are perfect use cases for myFC, and they have been a major focus for us this quarter. We have evaluated specific client applications, including small trucks for last-mile electric delivery. We have defined our system for each vehicle’s specific use. We have run simulations and populated scenarios for varying effect and energy needs. And we can now show the business cases for increased runtime, reduced downtime and reduced total cost of ownership for switching to a clean, hydrogen-based solution. We can reduce the size of the battery with up to 60-70% compared to the original specification.
We have deepened our understanding of bicycles. There is large interest from the major bicycle and bicycle component players, and we are in active engagements with several of the actors in the segment. They find our micro fuel cell, and the fact that it is thin and flexible with high modularity particularly attractive. Most of the companies in this segment are active on Asian markets, which are ahead of the rest of the world when it comes to hydrogen infrastructure and more mature in the discussions on commercial applications of fuel cells and hydrogen. This is an attractive prospective market for us.
We are well underway in the feasibility study we were selected for by the Swedish Energy Authority. The study covers the development of a hybrid solution with special consideration given to electrical vehicle performance in colder climates. We have gained new technical and commercial insights in how our technology fits into these types of applications. The work has also deepened our relationship with the other participants. This study is a good example of authorities partnering with smaller, high-tech companies such as ourselves for new technology solutions. I am proud to see how many of these companies are Swedish.
The funds secured in our recent targeted share issues will help us take advantage of all the opportunities that are now opening up. I want to thank our investors for your faith in our technology and our offering – whether you are a new shareholder or have renewed your commitment. The continued investments by members of our board and senior executives mean a great deal to me in pursuing the commercialisation of myFC technology set by the board of directors and management. When a very rapid expansion, such as running several commercial client projects simultaneously, becomes necessary, we have also secured the possibility of further funding through Global Emerging Markets.
A note on Covid-19: we face the same challenges as everybody else. Discussions are impacted when you can’t meet face to face and some decision-making processes are understandably delayed as we all learn to navigate this new normal. I am confident that we have found sustainable ways to maintain a high level of activity and momentum in our business at a time when market interest in our offering is so rapidly increasing."
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 13-11-2020 08:00 CET.
For further information, please contact:
myFC Press Office
Phone: +46 738 09 33 83
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