myFC receives funding from Vinnova for the continued development of fuel cells
Horizon 2020 is the world's largest research and innovation program, and it is led by the European Commission. The program provides grants for groundbreaking, high-tech innovation projects. myFC has now, in fierce competition, passed the first phase for further funding through Horizon 2020 and has been awarded half a million SEK by Vinnova.
It is myFC’s work to develop fuel cell technology and the associated fossil-free fuel for integration into a smartphone that has been rewarded. In the initial expert evaluation, myFC was awarded 13.5 out of 15 points – only a few percent of the submitted contributions reach that level. Horizon 2020 is specifically aimed at small and medium-sized companies that are not backed by large-scale research funds, and myFC has now qualified for the next round.
“This is very good news for us. We have received high scores for our application, we are qualified for the next phase, and we are awarded half a million SEK. Our technology development is the response to the great and increasingly urgent challenge of reducing greenhouse emissions, and at the same time wishing for our smartphones and cars to have batteries that suffice. In other words, interest in our technology is massive in all our target markets, but it is it is both challenging and time consuming for a relatively small company to be at the forefront of such advanced technology development. Therefore, this signal from Vinnova and the EU is particularly welcome, and it encourages us to continue the application process for even larger amounts,” says Björn Westerholm, CEO of myFC.
myFC is now qualified for the next round, where Horizon 2020 decides on considerably larger amounts of up to 2.5 million euros. This can then open up additional funding opportunities for myFC in the future.
Horizon 2020 is administered by Vinnova in Sweden. For more information on Horizon 2020, see: https://ec.europa.eu/programmes/horizon2020/
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MyFC is a Swedish innovation company and market leader in micro fuel cells which develops green energy solutions and markets the underlying components and advantages of its patented technologies to the smartphone world, power bank manufacturers and manufacturers (OEM) in the automotive industry. In 2017, myFC launched its JAQ Hybrid platform, which co-locates fuel cell and battery. JAQ Hybrid is the company's third hydrogen-powered product following JAQ and PowerTrekk. It runs on the company's patented fuel consisting of salt, water and reactants. MyFC was founded in 2005 and is part of the group myFC Holding AB. MyFC Holding was listed on NASDAQ First North in May 2014. Its head office is located in Stockholm and the company's Certified Advisor is Avanza Bank. For more information, visit www.myfcpower.com