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New registration needed to receive news from PowerCell Sweden AB

We have changed service for the distribution of our press releases. If you would like to continue receiving company news in your inbox, you will need to sign up here: https://powercellgroup.com/investor/ Recent press releases from PowerCell Sweden AB:2023-02-09We have established ourselves as a growth company in a sector driven by strong megatrendshttps://powercellgroup.com/press-releases/we-have-established-ourselves-as-a-growth-company-in-a-sector-driven-by-strong-megatrends/ 2023-02-08PowerCell will establish a local US presence as a result of growing demand from customers

PowerCell develops next generation aviation fuel cells as part of the EU’s Clean Aviation Joint Undertaking

PowerCell has joined the Newborn project, part of EU’s Clean Aviation Joint Undertaking, that aims to develop environmentally sustainable aviation. The project will focus on developing an aerospace-certified megawatt-class fuel cell propulsion system, which will be powered by hydrogen.The EU´s Clean Aviation Joint Undertaking encompasses a total of 20 projects with a budget exceeding EUR 700 million and aims to support the EU Green Deal. The Newborn project is led by Honeywell, a leader in the global aviation industry, together with 18 partners from ten European countries. PowerCell will

Nomination Committee appointed ahead of PowerCell Sweden’s Annual General Meeting 2023

The Annual General Meeting held on May 3 this year established principles for appointing the Nomination Committee for PowerCell Sweden AB (publ) . These principles were based on the ownership as of July 30, 2022, with one additional representative from the Board of PowerCell. Representatives have now been appointed for the Nomination Committee.Following contacts with the company’s 20 largest shareholders as of July 30, 2022, PowerCell has concluded that only one of these shareholders, Robert Bosch GmbH, requested to appoint a member of the company’s Nomination

Another quarter with continued growth and industry leading gross margin

Sales for PowerCell Sweden AB increased 23% to SEK 55.6m (45.1) in the third quarter 2022. The industry leading gross margin improved to 35.5% (32.5), reflecting PowerCell’s capability to scale up production while achieving improved efficiency and productivity.In the quarter, sales were especially positively impacted by the marine industry. PowerCell’s first serial production of systems for marine and stationary applications is to start in the fourth quarter 2022. “With a 12-months rolling gross margin above 35 percent, we clearly see the effects from recent investments into

PowerCell signs deal for serial delivery of hydrogen fuel cell stacks to ZeroAvia potentially worth up to SEK 1.51 billion

PowerCell has signed the world’s first contract ever covering the serial delivery of hydrogen fuel stacks to the aviation industry. The client is the groundbreaking zero-emission aviation company ZeroAvia. The agreement, potentially valued up to SEK 1.51 billion, is conditioned on ZeroAvia obtaining necessary certifications, and comprises 5,000 hydrogen fuel cell stacks with deliveries planned to start in 2024. Approximately SEK 25 million of the order value is expected to impact revenues in 2022.The deal follows the Memorandum of Understanding which was announced 18 July, 2022. The

PowerCell Sweden AB invited to participate in EU project to develop sustainable aircraft

PowerCell Sweden AB has been invited to take part in contract negotiations by the EU’s Clean Aviation Joint Undertaking, which aims to develop the next generation of sustainable aircraft. Following the completion of negotiations, PowerCell may be chosen to participate in the development of a specially designed multi-megawatt fuel cell system.The Clean Aviation Joint Undertaking  encompasses a total of 20 projects with a total budget exceeding MEUR 700 and aims to support the EU Green Deal and

Chief Operating Officer Torbjörn Gustafsson today also assumes the position as CFO

PowerCell’s Chief Operating Officer Torbjörn Gustafsson today assumes the position as CFO. By combining both roles, Torbjörn Gustafsson gains good insights and control to support PowerCell in its continued growth journey.Torbjörn Gustafsson took over as Chief Operating Officer last spring and has extensive experience in senior positions, most recently as CFO in Christian Berner Tech Trade AB. He has previously, among other things, been CFO for KappAhl and held managerial positions in AB Volvo. “The combined role of CFO and Chief Operating Officer will be instrumental in our continued

PowerCell has received a fuel cell systems order from U.S. based Amogy to an ammonia powered work boat

PowerCell has received an order for fuel cell systems and related services to U.S. based Amogy to be installed in a workboat. Amogy’s goal is to convert ammonia into a sustainable power source to decarbonize transportation. The company has for instance successfully engineered the first-ever ammonia-powered emissions-free drone flight at 5 kW scale and demonstrated a 100kW powerpack in a tractor.As industries search for ways to lower their carbon footprint, ammonia has emerged as an attractive fuel source with strong potential since it enables emissions-free, high-performance mobility. The

PowerCell signs memorandum of understanding with ZeroAvia for series deliveries of fuel cell stacks

PowerCell Sweden AB has signed a memorandum of understanding, MoU, with the UK company ZeroAvia concerning series deliveries of 100-kW fuel cell stacks starting in 2024.It is currently estimated that a final agreement could include delivery of 5,000 units over a five-year period. Final commercial terms will be negotiated in the next phase. The parties’ ambition, in accordance with the MoU,  is to reach a final agreement in the third quarter of 2022.ZeroAvia intends to use the fuel cell stacks to produce a 600-kilowatt, low-temperature, hydrogen-electric powertrain that can be used to

The strong development confirms that PowerCell is well positioned for further growth

Sales for PowerCell Sweden AB increased 103% to SEK 57.3m (28.2) in the second quarter 2022. The gross margin improved to 44.6% (34.8), reflecting PowerCell’s ability to scale up volumes while industrializing its offering and processes. Operating income amounted SEK -24.6m (-21.7), impacted by investments in the organization to shorten lead times and further stabilize operations as well as delivery capabilities.During the quarter, PowerCell signed several major orders, which demonstrates that its technology and customer offering is leading and that the market for hydrogen-electric solutions

PowerCell receives megawatt fuel cell system order for Towboat worth approximately 37 MSEK

PowerCell has received a multi megawatt fuel cell system order from U.S. based Maritime Partners LLC, worth approximately 37 MSEK (3.6 MUSD) for delivery during the third quarter of 2023.  Maritime Partners plans to launch the world’s first hydrogen-electric towboat, M/V Hydrogen One in 2023.The order comprises several PowerCellution Marine System 200 with a total effect of multiple megawatts and related services, including installation, class approval and commissioning support. Maritime Partners, a privately held company, is the leading provider of tailored financing and leasing solutions

Fuel cell system from PowerCell on board the world’s first prototype hydrogen-electric hauler

The power on the world’s first hydrogen-electric and entirely emissions-free articulated hauler prototype, built by Volvo Construction Equipment, is generated by a fuel cell system from PowerCell Sweden. This follows the completion of a research project also involving RISE Research Institutes of Sweden and FFI, an alliance between Swedish Innovation Agency, Swedish Energy Agency and Swedish Transport Administration.The HX04 hydrogen-electric articulated hauler is a concept vehicle equipped with an industrialized fuel cell system from PowerCell Sweden that is specially designed for the

PowerCell receives megawatt order worth approximately MSEK 47 through 2023 from European aviation start-up

PowerCell Sweden AB (publ)  has received an order from a European aviation start-up company worth a total of approximately MSEK 47 (approximately MEUR 4.5) through 2023. The order includes delivering fuel cell systems with a total capacity of several megawatts as well as engineering services and laboratory testing.  Roughly 75 percent of the order value is expected to impact 2022.The European start-up company intends to accelerate the development of emissions-free flight by developing a hydrogen-electric powertrain for various aeronautical applications. “Through

Report from Annual General Meeting 2022 of PowerCell Sweden AB (publ)

PowerCell Sweden AB (publ) held its Annual General Meeting on May 3, 2022  in Palmstedtsalen, Chalmers Conference Center at the address Chalmersplatsen 1 in Gothenburg. Chairman of the Meeting was Eric Ehrencrona from MAQS Advokatbyrå.The following main resolutions were resolved upon at the Annual General Meeting:  Income statement and balance sheet and allocation of result The AGM resolved to adopt the income statement and the balance sheet for the company and the group for the financial year 2021 presented to the Annual General Meeting. The AGM approved the Board of Directors'

PowerCell receives US order for fuel cell system for mobile microgrid using reformed methanol

PowerCell Sweden AB has received an order for a 200 kW fuel cell system from the US company Kaizen Clean Energy. The system will use hydrogen produced through on-site reforming of methanol and will be incorporated into a mobile microgrid solution for electric vehicle charging, hydrogen fueling and mission-critical backup power.The order comprises of a Powercellution Power Generation System 200 with an output of 200 kW, which will be delivered during September this year. Kaizen Clean Energy is a company whose business concept is to sell Energy as a Service (EaaS) solutions via mobile

Improved business mix and continued stable gross margin development during the quarter

Sales for PowerCell Sweden AB amounted to SEK 30.0m for the first quarter 2022 compared to SEK 29.7m the same quarter last year. Operating income at SEK -28.6m  (-23.9) was impacted by investments in sales and marketing. Gross margin for the quarter was 32.8% (32.4), following a continued stable development.The English version is an in house-translation. In case of any discrepancy, the Swedish text will prevail. The first quarter 2022 saw an increased interest in hydrogen-electric solutions with a greater proportion of total sales being generated by a growing number of customers in

PowerCell receives order for marine fuel cell module from Siemens Energy as part of extended cooperation

PowerCell Sweden AB and Siemens Energy have signed an agreement covering an extended cooperation in the area of fuel cell-based propulsion and power generating systems for marine applications. The agreement is based on the Memorandum of Understanding signed by both companies in August 2018.As part of the extended cooperation, Siemens Energy has placed an order for a 100kW marine fuel-cell module.Siemens Energy will use the module for tests related to the company’s development of fuel cell-based marine systems for propulsion and power generation. The module that has been ordered has an

Notice to attend the annual general meeting of PowerCell Sweden AB

The shareholders of Powercell Sweden AB (publ), company registration no. 556759-8353 (“PowerCell” or the “Company”), are hereby given notice to attend the Annual General Meeting to be held on 3 May 2022 at 3:00 pm in Palmstedtsalen, Chalmers Conference Center at the address Chalmersplatsen 1 in Gothenburg. Registration for the Annual General Meeting will commence at 2.00 pm.Registration and notification Any shareholder wishing to participate at the Annual General Meeting must: i. be entered in the share register maintained by Euroclear Sweden AB as per Monday, 25 April 2022 or, if

PowerCell’s Annual Report for 2021 now published

PowerCell Sweden AB (publ)  has published its Annual Report for 2021 on its website.You can find the annual report on the company’s website using the following link https://powercell.se/en/annual-general-meeting-2022 where you can choose to open and read it with your web browser or to download it as a pdf file. For further information, please contact: Mårten WikforssHead of Corporate Communication and Investor RelationsPowerCell Sweden AB (publ) Phone: +46 (0) 705 59 11 49 Email: marten.wikforss@powercell.se About PowerCell Sweden AB (publ)

PowerCell’s Nomination Committee proposes re-election of the chairman and the election of Kajsa Ryttberg-Wallgren as new member of the board

The nomination committee for PowerCell Sweden AB (publ) , has concluded its work ahead of the Annual General Meeting on 3 May, 2022.The nomination committee proposes the re-election of the following current members of the Board: Dirk De Boever, Helen Fasth Gillstedt, Uwe Hillman, Riku Peka Hägg and Annette Malm Justad. The nomination committee further proposes the election of Kajsa Ryttberg-Wallgren as new member of the board, replacing Göran Linder who has informed the board of his intention to resign in connection with the annual general meeting. Magnus Jonsson

Continued strong sales growth and improvement in operating income

PowerCell Sweden AB grew its sales by 49 percent during the fourth quarter 2021, from MSEK 38.2 to MSEK 56.8 compared with the same quarter last year. For the full year 2021, sales grew by 54 percent to MSEK 159.8 (103.5). Operating income improved to MSEK -23.9 (-29.5) due to continued increasing sales and strengthened gross margin.The fourth quarter 2021 was yet another very strong quarter for PowerCell Sweden AB with a new sales record for a single quarter. Sales for the full year also set a record. “Demand continued to be strong during the quarter with large-scale deliveries to

PowerCell joins European development project on fuel cell technology of the future

To accelerate the company’s long-term technological development, PowerCell Sweden AB has joined the coordinated European development project Camelot.The objective of the project is to produce material for fuel cells of the future. Other project participants include leading research institutions, universities and industrial companies, such as BMW.Camelot brings together participants from several European countries and has received funding from the Fuel Cells and Hydrogen 2 Joint Undertaking, FCH JU, under grant agreement number 875 155. FCH JU Joint Undertaking is, in turn, funded by the

PowerCell to invest in solar cells and electrolysers to create industrial testbed and own hydrogen production

PowerCell Sweden AB has decided to equip the company’s existing facility in Gothenburg with a fully integrated solar-cell solution for own production of green hydrogen. The installation, which is expected to be completed in the second half of 2022, will serve as an industrial testbed for business development, but also help PowerCell to become self-sufficient in hydrogen and secure its own decentralized energy production for auxiliary power.“This installation will allow us to increase our sales and accelerate our sustainability,” says Richard Berkling, CEO of PowerCell Sweden AB.The

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