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PowerCell appointed as fuel cell stack supplier to Nikola Motor Company

 
 

The leading Nordic fuel cell company PowerCell Sweden AB (publ) has been chosen as the primary fuel cell stack supplier to Nikola Motor Company.

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

Nikola Motor, the Utah-based company that is developing heavy-duty transport trucks using fuel cell powertrains, has announced that they have chosen PowerCell Sweden AB as their primary supplier of fuel cell stacks for their pre-production testing vehicles. “If all goes well during road testing, we plan on integrating PowerCell S3 fuel cell stacks into our production line-up”, said Nikola Founder and CEO Trevor Milton.

PowerCell S3 (100 kW) is a fuel cell stack with best-in-class power density and is primarily designed for automotive application. The compact design makes it easy to integrate in vehicles of different types. The stack is based on industrial components which makes it suitable for volume production.

By 2021, Nikola Motor Company will bring to market the Nikola Two, a class 8 hydrogen-electric truck line-up that will deliver more than 1,000 horsepower and 2,000 ft. lbs. of torque – nearly double the horsepower of any semi-truck on the road – all with “zero local emissions,” as previously announced by Nikola.

The unique high power density of PowerCell S3 makes the fuel cell stack attractive to customers like Nikola Motor that aspire to deliver top performance and zero-emissions.

“We are excited and feel honoured by the Nikola appointment and are looking forward to the first order and to deliver cutting edge zero emission power for the Nikola trucks.”, said Per Wassén, CEO of PowerCell Sweden AB.

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 below, at 18:50 CET on November 9, 2017.

Pictures
PowerCell S3
Nikola Two
More pictures of Nikola Two are downloadable at https://nikolamotor.com/press#photos

Gothenburg, Sweden, November 9, 2017

For further information, please contact:
Per Wassén
CEO, PowerCell Sweden AB (publ)
Phone: +46 (31) 720 36 20
Email: per.wassen@powercell.se

Colleen Robar
Media contact, Nikola Motor Company
Phone: +1 313-207-5960
Email: crobar@robarpr.com

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.

About Nikola Motor Company
Nikola Motor Company designs and manufactures electric vehicles, vehicle components, energy storage systems, and electric vehicle drivetrains. NMC is led by its visionary CEO Trevor Milton (twitter: @nikolatrevor), who has assembled one of the most talented teams in the country to bring the Nikola products to market. The company is a privately-held Delaware corporation registered as Nikola Corporation. For more information, visit nikolamotor.com or Twitter: @nikolamotor.

 
 
 

Almost four times higher sales compared to last year

 
 

The leading Nordic fuel cell company PowerCell Sweden AB (publ) presents interim report for the third quarter of 2017. A developed market strategy and reinforcements of the sales organization have made sales almost four times higher than the corresponding quarter of 2016, resulting in a reduced operating loss.

The commercialisation and industrialisation of PowerCell is progressing with full speed. The company has prioritised four market segments with high customer interest and many quotation requests. This resulted in almost fourfold sales compared to the corresponding quarter of 2016 and a reduced operating loss. “The newly recruited sales persons are in place, resulting in an increased number of customer activities. At the same time, we see that the various development projects we operate are proceeding according to plan”, says Per Wassén, CEO of PowerCell Sweden AB.

In Norway, Hyon AS, the joint venture that PowerCell has launched together with the Norwegian Hexagon Composites ASA and Nel ASA, has started its operations. In addition, PowerCell has started deliveries to China and Wuhan Tiger. “PowerCell is strategically well positioned for the forthcoming disruptive change in the energy and transport industry. Our modular platform strategy, with products that can easily be adjusted to different customer applications, enables us to rapidly increase production volumes, which gives scale and cost benefits to us and our customers”, Per Wassén concludes.

The complete interim report is available at investor.powercell.se.

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

Gothenburg, Sweden, November 1, 2017

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 below, at 08:45 CET on November 1, 2017.

For further information, please contact:

Per Wassén CEO, PowerCell Sweden AB (publ)
Phone: +46 (31) 720 36 20
Email: per.wassen@powercell.se

Files for download

PowerCell Pressrelease 2017-11-01 English.pdf
PowerCell Interim Report Q3 2017.pdf

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.

 
 
 

PowerCell has received an order of MSEK 1.5

 
 

The leading Nordic fuel cell company PowerCell Sweden AB (publ) has received an order of MSEK 1.5 from a customer who will use the fuel cell stack in buses.

A Chinese customer that previously has acquired the PowerCell S2 fuel cell stack and conducted tests of the stack, has now ordered further PowerCell S2 stacks. The order value amounts to approximately MSEK 1.5. “After evaluation of the earlier stack, the customer has now chosen to place a new order to test the PowerCell S2 fuel cell stack in bus applications. We appreciate that PowerCell is perceived as a serious and reliable player,” says Per Wassén, CEO of PowerCell.

PowerCell S2 is optimized to run on reformate gas but performs equally well on pure hydrogen. Modern, cost-effective serial production ensures high quality and delivery capacity.

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

October 25, 2017

For further information, please contact:
Per Wassén CEO, PowerCell Sweden AB (publ)
Phone: +46 (31) 720 36 20
Email: per.wassen@powercell.se

Files for download:
Pressrelease

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 08:45 CET on October 25, 2017.

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.

 
 
 

Change in the board of PowerCell

 
 

As a consequence of the termination of Per Nordberg’s employment in Fouriertransform, he thereby leaves his position as a member of the Board of Directors of PowerCell Sweden AB (publ).

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

The state-owned venture capital company Fouriertransform, which since 2009 is one of the owners of PowerCell Sweden AB (publ), owns 17.8 percent of votes and capital. Per Nordberg, former CEO of Fouriertransform, was elected to the Board of Directors of PowerCell in connection with the Annual General Meeting on May 9, 2017. As a consequence of leaving his employment at Fouriertransform, Per Nordberg is thereby leaving the assignment as a Board member of PowerCell.

Gothenburg, Sweden, October 13, 2017

For further information, please contact:

Per Wassén
CEO, PowerCell Sweden AB (publ)
Phone: +46 (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 and the company was listed on Nasdaq First North Stockholm in 2014. G&W Fondkommission is appointed Certified Adviser. Read more at www.powercell.se.

 
 
 

Minister for Industry Mikael Damberg visited PowerCell

 
 

The leading Nordic fuel cell company PowerCell Sweden AB (publ) was visited by Minister of Industry, Mikael Damberg, for talks about how fuel cells will contribute in saving the climate.

In September, the Swedish government announced that they want to invest SEK 1 billion to strengthen the automotive industry and contribute to the electrification of the car fleet, if the business community contributes with an equal amount. The research institute RISE is, together with amongst other Chalmers, commissioned to conduct a preliminary study. Yesterday, the Minister for Industry, Mikael Damberg visited PowerCell to discuss how fuel cell technology is a part of the electrification of the fleet.

“We demonstrated our production and research facilities and we talked about how authorities in Germany and China invest significantly in fuel cells for the automotive industry. Fuel cells are powered by hydrogen and air, and generate electricity and heat without any emissions other than water. Therefore, it is so important that a part of the resources that the government wants to invest in the electrification of vehicles, is devoted to fuel cells”, said Per Wassén, CEO of PowerCell Sweden AB.

Tuesday’s meeting was not the first time that Mikael Damberg and Per Wassén met.

“When Mikael Damberg, Stefan Löfven and two additional ministers visited China in June, I was one of the business representatives. In China, the population is suffering from serious health problems as a result of the extensive use of fossil fuels. Our fuel cells make it possible to save the climate by opening the doors to the hydrogen community. The investment in electromobility should therefore be distributed between fuel cells and batteries”, concludes Per Wassén.

Gothenburg, Sweden, October 4, 2017

For further information, please contact:

Per Wassén
CEO, PowerCell Sweden AB (publ)
Phone: +46 (31) 720 36 20
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.