PowerCell Sweden AB (publ) has received a final decision from the German authorities about the AutoStack-Industrie (ASI) project. In the project, Germany is aiming to develop a fuel cell platform for the German automotive industry.

The German Ministry of Transport and Digital Infrastructure has decided to finance the AutoStack-Industrie cutting edge project. As previously communicated, PowerCell is one of the project's partners, together with BMW, Daimler, Ford and Volkswagen, as well as subcontractors. For PowerCell, the decision entails an additional EUR 3.1 million for the first phase of the project.

- The announcement was expected and pleasing. The decision means that we, together with German vehicle manufacturers and subcontractors, can develop a platform for fuel cell technology that provides the basis for a large-scale production of hydrogen powered cars, says Per Ekdunge, CTO for PowerCell Sweden and CEO of PowerCell's German subsidiary.

PowerCell manages two of ASI's subprojects. One includes the construction of the fuel cell stack and the other develops the technology that enables mass production of fuel cell stacks.

- The ASI project facilitates the commercialization of fuel cell technology in the automotive industry. Since fuel cells generate electricity without emissions other than water, the project represents a major step towards a sustainable transport sector, concludes Per Ekdunge.

Gothenburg, Sweden, December 15, 2017

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