PowerCell to change supplier following 3M’s decision to discontinue production
PowerCell Sweden AB (publ) has been informed by 3M that they intend to discontinue their production of MEA, a key component in the fuel cell stacks produced by PowerCell. PowerCell has alternative suppliers and a sufficient number of components in inventory and assess the risk for disruptions of production or deliveries as insignificant.
The English version is an in house-translation. In case of any discrepancy, the Swedish text will prevail.
3M’s has attributed the decision to discontinue all its production of MEA (Membrane Electrode Assemblies), a key component in fuel cells, to a recent strategic review. 3M has announced the discontinuation of its production of MEA to be completed by the end of the first quarter 2019. 3M has been a supplier to PowerCell for approximately 10 years, but PowerCell is well-prepared to manage the change.
“We purchase these components from a number of suppliers and have good possibilities to replace 3M as supplier”, Per Wassén, CEO of PowerCell said. “As we also have a good inventory situation for these components, we don’t see any risk for an impact on our production or deliveries.”
For further information, please contact:
Per Wassén
CEO, PowerCell Sweden AB (publ)
Phone: +46 (0) 31 720 36 20
Email: per.wassen@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 15.15 CET on December 18 , 2018.
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 with G&W Fondkommission as Certified Adviser.