The Board of Directors of PowerCell Sweden has appointed Richard Berkling as new CEO of PowerCell Sweden AB. Richard Berkling, who is today CEO of CPAC Systems, will assume the position at the latest by year-end, and will replace Powercell’s current CEO Per Wassén. Per Wassén will assist Richard Berkling during a transition period but will leave the position as CEO as from today’s date. During the transition period Karin Nilsson, PowerCell’s Vice President and CFO, will assume the responsibility of acting CEO for the company.

“Per has done an outstanding job. First as chairman and later as the CEO of the company. The Board of Directors and our shareholders are grateful for his commitment, for all the work he has put in and the success of the company under his leadership. Following our intense co-operation with Bosch, including an exclusive license on the S3 platform for automotive, our focus has shifted to strengthening Powercell’s position in marine, stationary and off-road applications. Richard has the right profile to accelerate this process and bring the company to the next level”, Magnus Jonsson, Chairman of the Board said.

Per Wassén has been with PowerCell Sweden since 2008 and was Chairman of the Board from 2008 to 2014. Since 2014 he was CEO of the company.
“Without Per’s great and relentless efforts, PowerCell would not be in the favorable position it is in today.”, Magnus Jonsson, Chairman of PowerCell Sweden AB said.  

Richard Berkling, 47, currently holds the position of President of CPAC Systems, a subsidiary within the Volvo Group specializing in safety-critical electronics for the marine and off-highway transportation industry. He played a key role in building up the company from the ground up. Over the years at CPAC systems, Richard Berkling has gained an extensive experience in the marine, construction equipment and material handling segment. Berkling has an MBA degree from Gothenburg School of Business, Economics and Law.

During the spring, Powercell already signed an MOU with ABB PowerGrids to cooperate on  fuel-cell-based, zero emission stationary power solutions and received an order for a megawatt system from a leading European shipyard. Powercell had previously also signed an MOU with Siemens Marine regarding a joint development of fuel cell-based drive and power generating systems for marine applications.

“I am confident that Richard, through his background in marine, construction machinery and material handling applications, will be able to contribute to a continued successful development of Powercell ”, Per Wassén said.  

For further information, please contact:

Magnus Jonsson
Chariman of the Board, PowerCell Sweden AB
Phone: +46 708 20 00 60
Email: ab.magnusjonsson@me.com

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 12.55 CET on July 2, 2020.

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

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