PowerCell sells holding in Hyon and establishes its own subsidiary to invest in the Norwegian market.

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PowerCell Sweden AB has sold its holding in the former joint venture company Hyon AS to instead establish its own, wholly owned Norwegian subsidiary. Establishing a subsidiary is part of the greater focus on the Norwegian market that PowerCell has previously communicated.

Since it was founded in 2017, the Hyon joint venture has been owned in equal parts by PowerCell and the Norwegian companies Hexagon and Nel. The development experienced both by PowerCell and the Norwegian hydrogen market since then has made it more attractive for PowerCell to address the Norwegian market directly instead of through a joint venture. In April this year, PowerCell announced its intention to establish a local presence in the Norwegian market and start the recruitment of a senior sales manager. In December last year, PowerCell also announced that the company had signed a memorandum of understanding with Norwegian company Statkraft regarding a cooperation within energy solutions based on hydrogen and fuel cells.

The establishment of a Norwegian subsidiary will take place partly by using the sales proceeds that the company received from the sale of Hyon to Norwegian company Saga Pure.

“Norway is well advanced in the area of hydrogen, making it a more attractive market for us both for the sale of our products and for developing and improving our offering. By establishing our own local subsidiary, we will have significantly more opportunities to achieve this and in light of this the timing is particularly suitable for selling our share of Hyon,” says Richard Berkling, CEO, PowerCell Sweden AB.

For further information, please contact:

Richard Berkling
CEO, PowerCell Sweden AB (publ)
Tel: +46 (0)31 720 36 20
E-mail: richard.berkling@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) 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.