Monday, 5 December 2016

PowerCell develops fuel cell system for Kalmar Cargotec

Source: PowerCell Sweden, 2nd December 2016

The leading fuel cell company PowerCell Sweden AB (publ) has reached an agreement with Kalmar Cargotec Sweden AB on developing a fuel cell system for Kalmar Cargotec’s future electric forklift truck. This will help the end consumer, SSAB, to diminish carbon dioxide emissions at the site. The system will be developed and installed in 2017, and field testing will begin in Q1 2018.

The system is based on PowerCell’s proven fuel cell technology, and will be installed and tested in a medium sized forklift truck from Kalmar Cargotec, with a capacity to lift 9-18 tons. The fuel cell system, which runs on hydrogen, replaces the current combustion engine that runs on diesel, thus contributing to a diminished demand for fossil fuels. The order is strategically important, but has a limited impact on PowerCell’s results.

- Since water is the only emission, this alternative is considerably better than the diesel engine. I am enthusiastic that we, together with Kalmar Cargotec, can contribute to reducing SSAB’s fossil dependence. In addition, this is a development project that opens doors to an international market with great potential, says Andreas Bodén, Sales Manager at PowerCell Sweden AB.

Kalmar Cargotec is a leading provider of sustainable solutions for lifting equipment to the heavy industry for example. The company has a wide selection of forklift trucks.

According to plan, the fuel cell system will be developed Q2 2017 and installed in Q3. In Q1 2018, field testing at SSAB will begin.

Gothenburg, Sweden, December 2, 2016


For further information, please contact:

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

The following documents can be retrieved from beQuoted:
PowerCell_Pressrelease_2016-12-02_English.pdf

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 16:50 CET on December 2, 2016.

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