PowerCell receives order for fuel cell systems from Tier 1 automotive supplier

PowerCell Sweden AB (publ) has received an order for two MS-30 fuel cell systems from a global automotive tier 1 supplier for delivery in Q1/Q2 2019.

The English version is an in house-translation. In case of any discrepancy, the Swedish text will prevail.

The systems are built around PowerCell’s fuel cell stack S2 and with an effect of 30 kW. The supplier will install the systems as range extenders, REX, in vehicles for tests in China. The customer is a global tier 1 supplier to the automotive industry.

PowerCell MS-30 fuel cell system has been developed with the specific purpose to be suitable in the use as a range extender. Electric vehicles that use fuel cells as range extenders have batteries as its main source of energy and use the fuel cells to charge the batteries during operation. By using fuel cells in this way, the vehicles extend their range compared to if they were using just the energy stored in the batteries. The PowerCell MS-30 uses pure hydrogen and has been sold to several vehicle manufacturers operating in China.

In its latest 5-year plan the Chinese Government has emphasized hydrogen and fuel cells as a prioritized alternative in reducing emissions of carbon dioxide and other harmful matters from road traffic. The current subsidies for electric vehicles running on batteries will be phased out during 2020 and are being replaced with large subsidies for vehicles that are being electrified using fuel cells and hydrogen. The subsidies will apply to cars and heavy-duty vehicles like trucks and buses. A heavy-duty truck can qualify for a subsidy of up to as much as 1 million SEK.

“China has come to realize that an electrification using batteries will not be able to meet the need for a massive electrification of the road traffic”, Per Wassén, CEO of PowerCell said. “It will simply not be possible to provide enough charging stations or the required grid capacity in China’s larger cities for batteries to be a viable alternative. This is a notion that is being increasingly subscribed to also by a growing number of vehicle manufacturers, as they realize that for mass market cars and commercial transports, hydrogen and fuel cells currently is a much better alternative.”

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 Stockholm. G&W Fondkommission is Certified Adviser, e-mail: ca@gwkapital.se, phone: +46 8 503 000 50.

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