PowerCell Sweden and Cortus Energy develop a climate-neutral solution to produce environmentally friendly electricity

 
 

[Gothenburg, Sweden, May 23, 2016.] Nordic leading fuel cell company PowerCell Sweden AB (publ) has signed a letter of intent regarding a cooperation with Cortus Energy AB (publ) to jointly develop and market environmentally friendly electricity from biomass.

Nordic leading fuel cell company PowerCell Sweden AB commences a close cooperation with Swedish Cortus Energy AB, a company that provides cost-effective and innovative bioenergy solutions for the power and process industries based on the patented gasification technology WoodRoll®. Together they will offer the market a climate smart solution based on Cortus Energy’s biomass gasification to hydrogen, which is then used in fuel cells from PowerCell to produce environmentally friendly electricity.

With this cooperation, there is an opportunity to fill the need for green hydrogen at a low cost and high availability, which will affect the commercial success. PowerCell also sees synergies with automotive stacks and the fact that industrial applications of fuel cells will increase the production rate of the stacks and the ability to reach critical production volumes.

“Cortus Energy’s technology allows clean gas from biomass on a large scale enabling the use of our fuel cells in new markets,” said Andreas Bodén, Marketing & Sales Manager, PowerCell Sweden AB. “We really look forward to a close cooperation with Cortus Energy to jointly develop a climate solution that fits customers’ needs for solutions to produce environmentally friendly electricity based on biomass”.

The cooperation with PowerCell gives Cortus Energy an environmentally friendly alternative to the gas engines they use in the installations for electricity supply and also good opportunities to offer its customers a cost effective solution with fuel cells as a key component.

“Electricity generation by fuel cells gives us the opportunity for higher power exchanges with lower emissions than possible with gas engines today”, said Rolf Ljunggren, CEO, Cortus Energy AB.. “The installation cost of electricity is reduced through a system of fuel cells in WoodRoll®. We also get the opportunity to become completely self-sufficient of power to our own process. Simply put, there are several mutual benefits and synergies”.

The letter of intent on cooperation means that the companies will gradually validate the technology, from tests in Köping, Sweden, to industrial scale, e.g. in Japan. With an upscaling of the technologies, opportunities are created for new joint customer projects in which Cortus Energy’s and PowerCell’s technologies are integrated.

For additional information please contact:

Per Wassén CEO, PowerCell Sweden AB (publ)
Phone: +46 76 553 37 71
Email: per.wassen@powercell.se

Rolf Ljunggren CEO, Cortus Energy AB (publ)
Phone: +46 (0)8 588 866 30

About PowerCell Sweden AB (publ)
PowerCell Sweden AB (publ) is the leading fuel cell company in the Nordics, which develops and produces environmentally friendly power systems for stationary and mobile customer applications.

PowerCell has developed a modular system of fuel cell platforms, powered by clean environmentally friendly produced hydrogen where only electricity, heat and water are emissions. The fuel cells are also designed to handle the reformed hydrogen from e.g. biogas, natural gas, biodiesel or standard diesel.

In case hydrogen infrastructure is missing, PowerCell has combined its leading fuel cell and reformer technology and developed a fuel cell system, PowerPac, which converts standard diesel, with hydrogen, into electricity. This is done in an energy-efficient and environmentally friendly way, in which emissions of carbon monoxide, nitrogen oxides and particles are completely eliminated and the carbon dioxide is greatly reduced compared with a conventional diesel engine.

PowerCell Sweden AB (publ) is listed on First North at Nasdaq Stockholm and is an industrial spinout from the Volvo Group. G&W Fondkommission is appointed Certified Adviser by the Company. Among the largest owners are Midroc New Technology, Fouriertransform, Finindus and Volvo Group Venture Capital. For additional information, please visit: www.powercell.se

About Cortus Energy
Cortus Energy offers cost-effective and innovative bioenergy solutions for the power and process industries based on the patented gasification technology WoodRoll. WoodRoll has great fuel flexibility, which means that the process can utilize low-grade renewable fuel without compromising processing performance. Cortus Energy’s shares are traded on Nasdaq First North. Mangold Fondkommission AB, tel 08-503015 50, is the Company’s Certified Adviser. More information is available at www.cortusenergy.se

 
 
 

PowerCell Sweden presents the Interim Report for January to March 2016

 
 

[Gothenburg, Sweden, May 10, 2016.] The leading fuel cell company PowerCell Sweden AB (publ) presents its interim report for January to March 2016. PowerCell Swedens interim report shows that the company increased revenues during the first quarter of 2016 mainly due to the sale of prototypes for testing by customers in various applications.

PowerCell Sweden AB presents its interim report for January to March 2016.

”PowerCell increased revenues during the first quarter of 2016 mainly due to the sale of prototypes for testing by customers in various applications. Furthermore, the platforms were launched to a wider market at the same time the company continues with its on-going industrialization process and development towards serial production according to plan”, said Per Wassén, CEO of PowerCell Sweden AB.

The interim report Q1, 2016 shows following important events during this period:

• Continued increase in customer interest with many outstanding quotations and improved sales.
• Several completed sales of prototypes. The PowerCell S2 REX (range extender) for automotive applications and PowerCell S1 for stationary applications.
• The first orders for the PowerCell S3 platform were received. A 100 kW prototype fuel cell stack for automotive applications will be delivered to a European customer and two more PowerCell S3 fuel cell stack prototypes were ordered by a strategically important global customer.
• Powertech System Integrator Ltd. becomes PowerCell Sweden’s distributor in Africa, with responsibility for sales and integration as well as for parts, service and maintenance.
• 99.1 percent of all stock options from the T01 subscription period had exercised its right to subscribe for shares at the end of December 30, 2015, resulting in a capital injection of SEK 68.7 million to PowerCell. The company’s cash position is strong and amounted to SEK 93.6 million on March 31, 2016.

“The main task ahead is to further increase customer focus, deliver prototypes for customer testing in 2016, and to prepare and ensure quality for the planned series production of our platforms and systems from 2017/2018. With what is now happening in the world around us, the shift in technology and PowerCell’s position, it means that we can look forward to a very exciting future, which will create substantial value for the environment, the company and its shareholders”, Per Wassén concluded.

Read the report at: Financial reports

For further information, please contact:

Per Wassén
CEO, PowerCell Sweden AB (publ)
Phone: +46 76 553 37 71
Email: per.wassen@powercell.se

About PowerCell Sweden AB (publ)
PowerCell Sweden AB (publ) is the leading fuel cell company in the Nordics, which develops and produces environmentally friendly power systems for stationary and mobile customer applications.

PowerCell has developed a modular system of fuel cell platforms, powered by clean environmentally friendly produced hydrogen where only electricity, heat and water are emissions. The fuel cells are also designed to handle the reformed hydrogen from e.g. biogas, natural gas, biodiesel or standard diesel.

In case hydrogen infrastructure is missing, PowerCell has combined its leading fuel cell and reformer technology and developed a fuel cell system, PowerPac, which converts standard diesel, with hydrogen, into electricity. This is done in an energy-efficient and environmentally friendly way, in which emissions of carbon monoxide, nitrogen oxides and particles are completely eliminated and the carbon dioxide is greatly reduced compared with a conventional diesel engine.

PowerCell Sweden AB (publ) is listed on First North at Nasdaq Stockholm and is an industrial spinout from the Volvo Group. G&W Fondkommission is appointed Certified Adviser by the Company. Among the largest owners are Midroc New Technology, Fouriertransform, Finindus and Volvo Group Venture Capital. For additional information, please visit: www.powercell.se

 
 
 

Swedish fuel cell company PowerCell Sweden AB cooperates with Swiss Hydrogen SA to market best in class fuel cell systems

 
 

[Gothenburg, Sweden, April 28, 2016.] The Nordic leading fuel cell company PowerCell Sweden AB (publ) has signed a Memorandum of Understanding with Swiss Hydrogen SA, a Switzerland based company that develops hydrogen fuel cell systems for mobile and stationary applications. The two companies will cooperate to market and sell high performance fuel cell systems based on PowerCell’s stacks.

The Nordic leading fuel cell company PowerCell Sweden AB will start a cooperation with Swiss Hydrogen SA, a Swiss leading company that conceives, designs, assembles and integrates tailor-made and scalable hydrogen solutions for a large variety of applications.

PowerCell Sweden AB has developed fuel cell technology for more than a decade, and has perfected a unique design that enables the production of a light, versatile and reliable source of power for the automotive, transportation and stationary applications. The fuel stacks PowerCell S1, S2 and S3 cover the range of 1-100 KW.

Swiss Hydrogen SA’s large experience in designing, assembling and integrating fuel cell systems in various applications will ensure the highest performance of PowerCell’s stack technology.
Both companies will also join forces on sales and marketing activities worldwide.
PowerCell and Swiss Hydrogen have already successfully collaborated in the FCH-JU project “AutoStack-CORE” regarding S3 (http://autostack.zsw-bw.de).

Fuel cells are expected to play a very important role in the transition towards renewable fuels, where they have great potential to replace diesel generators and engines in several applications. Hydrogen’s energy density and lack of toxic emissions makes its use obvious when it comes to deal with the challenge of long term and seasonal energy storage generated by the intermittence of renewables.

“We really appreciate the trustful and efficient collaboration with PowerCell Sweden AB. It is very exciting to integrate the result of the AutoStack-CORE project, a fuel cell stack which demonstrates unmatched power densities, in a complete system. At Swiss Hydrogen we have optimized every aspects and selected best components to ensure the highest performance of the final product. We are convinced that combining PowerCell’s stack technology with our knowledge in designing best in class fuel cell system has great market potential”, said Alexandre Closset, CEO of Swiss Hydrogen SA.

“We are really looking forward to working closely together with Swiss Hydrogen SA to market and sell our fuel cell stacks as a part of their clean energy solutions. This is yet another proof that there is a huge demand for our solutions in several different applications and industries”, said Per Wassén, CEO, PowerCell Sweden AB.

For additional information please contact:

Per Wassén
CEO, PowerCell Sweden AB (publ)
Phone: +46 76 553 37 71
Email: per.wassen@powercell.se

Alexandre Closset
CEO, Swiss Hydrogen SA
Phone: +41 79 366 87 81
Email: alexandre.closset@swisshydrogen.ch

About PowerCell Sweden AB (publ)
PowerCell Sweden AB (publ) is the leading fuel cell company in the Nordics, which develops and produces environment friendly power systems for stationary and mobile customer applications.

PowerCell has developed a modular system of fuel cell platforms, powered by clean environment friendly produced hydrogen where only electricity, heat and water are emissions. The fuel cells are also designed to handle the reformed hydrogen from e.g. biogas, natural gas, biodiesel or standard diesel.

In case hydrogen infrastructure is missing, PowerCell has combined its leading fuel cell and reformer technology and developed a fuel cell system, PowerPac, which converts standard diesel, with hydrogen, into electricity. This is done in an energy-efficient and environmentally friendly way, in which emissions of carbon monoxide, nitrogen oxides and particles are completely eliminated and the carbon dioxide is greatly reduced compared with a conventional diesel engine.

PowerCell Sweden AB (publ) is listed on First North at Nasdaq Stockholm and is an industrial spinout from the Volvo Group. G&W Fondkommission is appointed Certified Adviser by the Company. Among the largest owners are Midroc New Technology, Fouriertransform, Finindus and Volvo Group Venture Capital. For additional information, please visit: www.powercell.se

About Swiss Hydrogen SA
Swiss Hydrogen SA is a company that conceives, designs, assembles and integrates hydrogen technologies for numerous applications, such as, all sorts of electrical vehicles and small to large stationary power plants. Swiss Hydrogen believes that the expanded use of hydrogen will help to significantly reduce our dependence on fossil fuels, and will likewise permit us to slash our CO2 emissions.

The company was incorporated in July 2008 as a subsidiary of Belenos Clean Power with the aim to develop hydrogen production technologies from renewable sources. In collaboration with the Paul Scherrer Institut in Switzerland, Belenos Clean Power invested seven years in the development of PEM fuel cell technology for stationary and mobility applications. Mid-2015, Swiss Hydrogen took over the development of the PEM fuel cell technology from Belenos Clean Power to focus on its commercialization.
For additional information, please visit: http://swisshydrogen.ch

 
 
 

Swedish fuel cell developer PowerCell Sweden AB will exhibit at the Hannover Messe 2016

 
 

[Gothenburg, Sweden, April 21, 2016.] The Nordic leading fuel cell company PowerCell Sweden AB (publ) will exhibit at the Hannover Messe, one of the largest fairs in industrial engineering, during April 25 – 29, and showcase their entire product portfolio containing both fuel cell stacks and systems for stationary applications.

Meet PowerCell Sweden at Stand C55, in Hall 27
The Nordic leading fuel cell company PowerCell Sweden will be exhibiting at the Hannover Messe next week, April 25 – 29. PowerCell will showcase their entire product portfolio containing both fuel cell stacks and systems for stationary applications during the Hannover Messe.

Don’t miss out on CEO Per Wassén’s presentation – April 28, at 14.40
PowerCell Sweden’s CEO Per Wassén will hold a presentation on April 28, at 14.40 on stage in the Public Forum. The presentation is entitled “PowerCell’s fuel cell stacks and systems for stationary and transportation applications”.

Downloading of an E-ticket
If you want to meet the representatives of PowerCell Sweden at the fair, you are welcome to download an e-ticket at the following link: http://www.hannovermesse.de/ticketregistration?Rfc69oykspsygn

For additional information please contact:

Andreas Bodén

Director Sales & Marketing, PowerCell Sweden AB (publ)

Phone: +46 739 10 37 07

Email: andreas.boden@powercell.se

About PowerCell Sweden AB (publ)

PowerCell Sweden AB (publ) is the leading fuel cell company in the Nordics, which develops and produces environment friendly power systems for stationary and mobile customer applications.

PowerCell has developed a modular system of fuel cell platforms, powered by clean environment friendly produced hydrogen where only electricity, heat and water are emissions. The fuel cells are also designed to handle the reformed hydrogen from e.g. biogas, natural gas, biodiesel or standard diesel.

In case hydrogen infrastructure is missing, PowerCell has combined its leading fuel cell and reformer technology and developed a fuel cell system, PowerPac, which converts standard diesel, with hydrogen, into electricity. This is done in an energy-efficient and environmentally friendly way, in which emissions of carbon monoxide, nitrogen oxides and particles are completely eliminated and the carbon dioxide is greatly reduced compared with a conventional diesel engine.

PowerCell Sweden AB (publ) is listed on First North at Nasdaq Stockholm and is an industrial spinout from the Volvo Group. G&W Fondkommission is appointed Certified Adviser by the Company. Among the largest owners are Midroc New Technology, Fouriertransform, Finindus and Volvo Group Venture Capital. For additional information, please visit: www.powercell.se

 
 
 

Press release from PowerCell Sweden (publ)’s Annual General Meeting 2016

 
 

[Gothenburg, Sweden, April 12, 2016.] PowerCell Sweden AB (publ) held on Monday 11 April 2016 Annual General Meeting (“AGM”) in the company’s premises in Gothenburg. Chairman of the meeting was Eric Ehrencrona from MAQS law firm. The following main resolutions were resolved upon.

Profit and loss account and balance sheet and allocation of loss
The AGM resolved that the profit and loss account and the balance sheet produced to the general meeting, including the consolidated profit and loss account and consolidated balance sheet, be duly adopted.

The AGM approved the Board of Directors’ proposal regarding the appropriation of earnings and resolved as per the balance sheet the unappropriate earnings of SEK 10,481,272 shall be carried over to the new balance sheet.

Discharge of liability
The AGM resolved that the directors of the board and the managing directors during 2015 be discharged from liability during the financial year of 2015.

Directors of the board and auditor
It was resolved, in accordance with the Nomination Committee’s proposal, to newly elect Åsa Severed as director of the board and to re-elect Per Wassén, Dirk De Boever, Magnus Jonsson, Göran Linder and André Martin as directors of the board. Magnus Jonsson was appointed as chairman of the board. It was further resolved that the current alternate directors, Andreas Gunnarsson, Mattias Silfversparre and Sven Vandeputte, shall be re-elected as alternate directors. The number of directors will be six and the number of alternate directors will be three.

The AGM resolved to appoint the registered accounting firm Öhrlings PricewaterhouseCoopers AB as auditor. It was noted that Öhrlings PricewaterhouseCoopers AB has appointed Birgitta Granquist as principal auditor.

The Board of Directors’ remuneration etc.
The AGM resolved to approve the proposal by the Nomination Committee that remuneration to the board shall be paid as follows:

Remuneration paid to the Board of Directors for the period from 1 January 2016 until 11 April 2016 shall amount to SEK 178,750, of which the chairman of the Board of Directors shall be paid SEK 68,750, and each of the other directors elected by the AGM who are not employed by the company, SEK 27,500.

Remuneration paid to the Board of Directors for the period between the present AGM until the next AGM shall be SEK 650,000, of which the chairman of the Board of Directors shall be paid SEK 250,000, and each of the other directors elected by the AGM who are not employed by the company, SEK 100,000.

The AGM resolved, in accordance with the Nomination Committee’s proposal that no remuneration shall be paid to the Remuneration Committee and the Audit Committee of the Board of Directors. Remuneration to the auditor shall be paid as per invoices received and approved by the company.

The complete proposal of the Nomination Committee is available on the website of the company (http://www.powercell.se).

Nomination Committee
The AGM resolved, in accordance with the proposal put forth, to maintain (according to the previously applied principles) a Nomination Committee that will be responsible for preparing and presenting proposals to the AGM regarding the number of directors of the board, remuneration to the Board of Directors, directors of the board and chairman of the board, chairman of the AGM, auditor and remuneration to the auditor.
The complete proposal of the Board of Directors is available on the website of the company (http://www.powercell.se).

Resolution on guidelines for remuneration for senior executives of the company
The AGM approved the Nomination Committee’s proposal regarding guidelines for remuneration to senior executives.

The complete proposal of the Nomination Committee is available on the website of the company (http://www.powercell.se).

Resolution to authorize the Board of Directors to issue shares and/or warrants and/or convertibles
The AGM resolved to authorize the Board of Directors to resolve, on one or several occasions, on issue of shares and/or warrants and/or convertibles during the time until the next AGM for payment in cash and/or with terms regarding set-off or issue in kind or otherwise with terms and thereby deviate from the preferential right of the shareholders.

The issues shall be done to a marketable issue price determined by the board in consultation with the company’s financial advisers, taking into consideration any marketable issue-discount.
The number of shares that could be issued, or the number of shares that could be subscribed for through warrants, or the number of shares that convertibles could be converted into shall amount to a total of 8 566 774 new shares.

The purpose of the authorization and the reason to deviate from the preferential right of the shareholders is that issues shall be possible for financing the company’s business, commercialization and development of the company’s products and markets and/or acquisition of businesses, companies or parts of companies and/or enable a broadening of the owner base of the company.

The complete proposal of the Board of Directors is available on the website of the company (http://www.powercell.se).


For additional information please contact:

Per Wassén
CEO, PowerCell Sweden AB (publ)
Phone: +46 76 553 37 71
Email: per.wassen@powercell.se

About PowerCell Sweden AB (publ)
PowerCell Sweden AB (publ) is the leading fuel cell company in the Nordics, which develops and produces environmentally friendly power systems for stationary and mobile customer applications.

PowerCell has developed a modular system of fuel cell platforms, powered by clean environmentally friendly produced hydrogen where only electricity, heat and water are emissions. The fuel cells are also designed to handle the reformed hydrogen from e.g. biogas, natural gas, biodiesel or standard diesel.

In case hydrogen infrastructure is missing, PowerCell has combined its leading fuel cell and reformer technology and developed a fuel cell system, PowerPac, which converts standard diesel, with hydrogen, into electricity. This is done in an energy-efficient and environmentally friendly way, in which emissions of carbon monoxide, nitrogen oxides and particles are completely eliminated and the carbon dioxide is greatly reduced compared with a conventional diesel engine.

PowerCell Sweden AB (publ) is listed on First North at Nasdaq Stockholm and is an industrial spinout from the Volvo Group. G&W Fondkommission is appointed Certified Adviser by the Company. Among the largest owners are Midroc New Technology, Fouriertransform, Finindus and Volvo Group Venture Capital. For additional information, please visit: www.powercell.se