myFC secures funding for the execution of their two proof-of-concept projects
As previously announced, myFC has received two important orders for development projects in the priority segments intralogistics and soft mobility. One from the premium car manufacturer Porsche, which will use the technology in automatic warehouse robots (AGV) at their logistics centre in Leipzig, and one from a major Japanese manufacturer of bicycle systems with a global market
– To secure the work in the projects, we have raised loan of 15 million in extra capital, says Michael Glantz, CEO of myFC.
The business-to-business strategy that myFC adopted in 2020 is now delivering in the priority segments intralogistics and soft mobility.
– With our patented technology for malleable micro fuel cells, we can make a difference, and we see that the demand for our technology is increasing in large and fast-growing industries where renewable and sustainably produced energy is in focus, says Michael Glantz, CEO of myFC.
The market for sustainable fuel cell technology in intralogistics and soft mobility is considerable and growing. In 2024, it is estimated to amount to SEK 4 billion only within the power levels where myFC is most competitive. The technology contributes to increased durability, more operating time, and better efficiency, as well as to lower investment costs and increased competitiveness. In addition myFC can produce the fuel cells very cost efficiently.
The funding of SEK 15 million that the company received today ensures the continued work for delivery in the current development projects.
– The projects are important steps towards volume production of fuel cells for applications in intralogistics and soft mobility. We can also increase sales activities in our focus areas, says Michael Glantz.
myFC's chairman of the board Ulf Henning says that the company is now taking its first steps into a billion market, and that the shift from consumer market to business-to-business was the right way to go.
– I am very pleased that the company has already gained its first important customers in soft mobility and Intralogistics, and the financing we have received today will strengthen us further, he says.
Ulf Henning emphasizes that the company’s strategy is to take the company further from pure development projects and enter a phase of mass production.
– Since we have now received proof that our technology is sustainable, the board is now working to strengthen the company's capital base. How this will be implemented is under evaluation and will be announced when this happens. There are many interesting players who see the company's large patent portfolio and its solid development work as a basis for the company's development in the future, says Ulf Henning.
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 22-10-2021 07:55 CET.
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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
