PowerCell extends cooperation with ZeroAvia on hydrogen-electric aviation and secures order valued at approximately MSEK 11

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PowerCell Sweden AB (publ) has secured an order valued at a total of MSEK 10.9 from UK company ZeroAvia. The order comprises fuel cell stacks, fuel cell systems and engineering services, and is scheduled for continuous delivery over one year.

The order is part of a cooperation agreement that both companies have now signed and which, within the framework of the UK HighFlyer 2 project, aims to develop a certifiable fuel cell system for commercial use in aviation. The goal of HighFlyer 2 is to develop an emissions-free 19-seat hydrogen-electric commercial aircraft. For this project ZeroAvia UK will work with one of the leading UK fuel cell system players, Hypermotive Ltd, affiliated to Powercell Sweden AB for the Highflyer project. The order comprises fuel cell stacks, fuel cell systems and engineering services related to the development of the new aircraft and is scheduled for continuous delivery over a one-year period. The total order value is MSEK 10.9.

ZeroAvia conducted the world’s first hydrogen-electric flight of a commercial airplane in September last year. An MS-100 fuel cell system from PowerCell was on board the plane. Earlier this year, PowerCell Sweden received two orders for fuel cell systems from ZeroAvia, which the company also announced.

“From a sustainability perspective, the significance of this cooperation can hardly be overstated because it involves resolving one of the largest environmental challenges in the area of transport – how aviation can become more sustainable. But the aviation industry also has unique requirements for both stability and performance, and the fact that we as a company are competitive in such a demanding segment is clear confirmation of our technological position, our expertise and our commercial offering,” says Richard Berkling, CEO of PowerCell Sweden AB.

“Hydrogen is the only viable option for large scale zero emission aircraft, due to three times higher specific energy content compared to jet fuel, and over 100 times higher than the best batteries today”, says Val Miftakhov, founder and CEO of ZeroAvia. “Hydrogen fuel cells are the most efficient way to convert that energy into propulsion, twice as efficient as burning it in any small turbine. We are happy to extend our collaboration with Powercell to bring the world closer to the future of aviation.”

For further information, please contact:

Richard Berkling                                                           Mårten Wikforss
CEO, PowerCell Sweden AB (publ)                                 Investor Relations
Tel +46 (0) 31 720 36 20                                                  Tel +46 (0) 705 59 11 49
Email: richard.berkling@powercell.se                               Email: marten.wikforss@powercell.se

This information is insider information that PowerCell Sweden AB (Publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 22:55 CET on July 07, 2021.

About PowerCell Sweden AB (publ)

PowerCell Sweden AB (publ) develops and produces fuel cell stacks and systems for stationary and mobile applications with a world-class energy density. The fuel cells are powered by hydrogen, pure or reformed, and produce electricity and heat with no emissions other than water. As the stacks and systems are compact, modular and scalable, they are easily adjusted to any customer need.

PowerCell was founded in 2008 as an industrial spinout from the Volvo Group. The share (PCELL) has been subject to trade at Nasdaq First North Growth Market Stockholm since 2014. G&W Fondkommission is Certified Adviser, e-mail: ca@gwkapital.se, Tel: +46 (0)8 503 000 50.



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