PowerCell gets new follow-on order for PowerCell S3 fuel cell stacks from a global automotive OEM
PowerCell Sweden AB (publ) has received a new follow-on order for S3 fuel cell stacks for tests from a global automotive OEM. The order value is approximately MSEK 7.7 and delivery is expected to take place during the fourth quarter this year.
The English version is an in house-translation. In case of any discrepancy, the Swedish text will prevail.
This is the second follow-on order in short time for the PowerCell S3 from the automotive OEM, which in September placed an order for PowerCell S3 at a value of MSEK 2.6. The OEM had prior to that also placed orders for PowerCell S3 fuel cell stacks and PowerCell MS-100 fuel cell system for tests and evaluations.
The PowerCell S3 stack features high-power density with compact design and low weight. The stack has been specifically designed and developed for automotive applications.
“The climate crisis and increasingly stricter CO2 emissions regulations presents the automotive industry with an unavoidable transformation”, Per Wassén, CEO of PowerCell said. “This puts the automotive OEMs under a great pressure to electrify their drivetrains, and fuel cells running on hydrogen offer a number of advantages compared to batteries as they provide an electric drive without limited range or time-consuming charging.”
A vehicle running on hydrogen and fuel cells can be re-fuelled almost as quickly as a vehicle running on fossil fuels and has approximately the same range and payload capacity. Another advantage is that electrification with fuel cells and hydrogen does not require investments in a specific charging infrastructure. A fuel cell running on hydrogen produces electricity with no other exhausts than pure water.
For further information, please contact:
CEO, PowerCell Sweden AB (publ)
Phone: +46 (0) 31 720 36 20
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 15:30 CET on October 11, 2019.
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) is since 2014 subject to trade at Nasdaq First North Growth Market, Stockholm. G&W Fondkommission is Certified Adviser, e-mail: firstname.lastname@example.org, phone: +46 8 503 000 50.