myFC Holding AB (publ) year-end report January – December 2020

Full year January – December 2020

• Net sales amounted to KSEK 0 (0)
• Operating loss amounted to SEK -48 million (-165)
• Earnings per share amounted to SEK -0.31 (-1.76)

Quarter October – December 2020

• Net sales amounted to KSEK 0 (0)
• Operating loss amounted to SEK -12 million (-17).
• Earnings per share amounted to SEK -0.08 (-0.15)

Significant events October – December

• 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
• Indian Patent Office approves key myFC patent
• myFC granted new patent in Brazil that enables reduced manufacturing cost

Significant events after the end of the period

• myFC participates in concept study for small vehicles with the Swedish Energy Agency
• Ulf Henning nominated as new Chairman of the Board of myFC
• Mattias Kirvesniemi appointed CFO of myFC

Comment from CEO Michael Glantz:

“For myFC, 2020 was defined by a strong focus on technology development. The fourth quarter was no exception, and the results from our lab are some of the best I've seen in the company's history. Our fuel cells have the same DNA as always, but we have optimized them for higher power and we now have a more active control technology. As the hydrogen market evolves, the value of our patent portfolio increases.  We can offer high efficiency at an extremely cost-effective manufacturing cost,  both in our own production as well as in license setups.

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.”

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 26-02-2021 08:00 CET.

For further information, please contact: 
myFC Press Office 
Mail:  press@myfc.se 
Phone: +46 738 09 33 83

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