PowerCell Sweden has received an order for fuel cell stacks and fuel cell systems from the company’s South Korean distributor, Bumhan Industries Co., Ltd at a value of MSEK 3.5. The order will mainly be delivered during the second and third quarter 2020.
Bumham has also decided to intensify its efforts within the fuel cell technology by establishing a new subsidiary that will focus entirely on fuel cells.  

Bumhan Industries Co., Ltd is PowerCell Sweden’s distributor, partner and service partner in the South Korean market since 2018. Bumhan Industries Co., Ltd was founded in 1990 and is specialized in the manufacturing of air and gas compressors. In order to increase its efforts within fuel cells Bumhan has decided to establish a new subsidiary, Bumhan Fuel Cells Co., Ltd, focusing exclusively on fuel cells and the fuel cell technology. The subsidiary will also take over the distribution contract that the parental company has with PowerCell Sweden.  

“South Korea is investing heavily in the fuel cell technology and by increasing our focus on the sector we want to better capitalize on the opportunities presented. Our new subsidiary will put all its efforts into the fuel cell segment something we are convinced will further increase our sales and strengthen the company”, Hyun Khil Shin, vice president at Bumhan Industries said.

The MSEK 3,5 order includes fuel cells and fuel cell stacks for stationary applications. The order is estimated to be delivered during the second and third quarter 2020.

“South Korea is at the forefront of the development of the fuel cell technology and is a leader within automotive and stationary applications. Bumhans increased efforts within the technology is yet another proof of the development and the importance of the South Korean market”, Yibo Zhao, Manager Sales Area Asia at PowerCell Sweden AB.

For further information, please contact:

Per Wassén
CEO, PowerCell Sweden AB (publ)
Phone: +46 (0) 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. 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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