PowerCell launches its Chinese subsidiary
PowerCell Sweden AB (publ) has received all permits needed to establish its Chinese subsidiary, PowerCell Fuel Cell (Shanghai) Co Ltd. The office will be located in Shanghai where recruitment of local employees has started.
Yibo Zhao, responsible for Sales area Asia has been appointed as manager of PowerCell Fuel Cell (Shanghai) Co Ltd. Mr Zhao has been with PowerCell since 2017 and has previously worked for Frontpac, where he was a sales representative in China, and the Volvo Group. The recruitment of local employees is currently underway. China has over the last couple of years introduced big subsidies for vehicles that have been electrified using fuel cells and makes major efforts within the field of fuel cell technology. PowerCell’s fuel cell stack PowerCell S2 is ideally suited for the Chinese market where it has generated sales with several customers.
PowerCell S2 is the only fuel cell stack with PEM (proton exchange membrane) technology in the market that can tolerate high levels of contamination in hydrogen and can be run on both reformate hydrogen and residual hydrogen. The Chinese industry produces vast amounts of industrial residual hydrogen. Since come time several buses equipped with the PowerCell S2 fuel cell stacks are running in daily field tests in China.
“China is at the forefront of the developments within the fuel cell technology and it is essential for PowerCell to be there and to capture the opportunities presented by the Chinese efforts”, Per Wassén, CEO of PowerCell said.
For further information, please contact:
Per Wassén
CEO, PowerCell Sweden AB (publ)
Phone: +46 (0) 31 720 36 20
Email: per.wassen@powercell.se
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: ca@gwkapital.se, phone: +46 8 503 000 50.