PowerCell signs MoU with Chinese institute, to investigate mutual business opportunities for fuel cells

PowerCell Sweden AB (publ) has signed a Memorandum of Understanding (MoU) with an institute from China, to investigate mutual business opportunities for fuel cells in Greater China.

China isn’t only the largest automobile market in the world in general, it is also the largest market for so called New Energy Vehicles. Sales have increased many times the last few years and in 2015 the number of sold New Energy Vehicles were 330 000.

“China has truly inspirational plans for the implementation of New Energy Vehicles. Hydrogen is the future. Forecasts from Chinese authorities show that fuel cell cars will constitute 95 percent of the car fleet as early as 2045”, said Per Wassén, CEO of PowerCell Sweden AB.

When representatives from the Chinese institue visited PowerCell last Friday, the parties agreed on a MoU to investigate mutual business opportunities in Greater China. The understanding, building upon the fuel cell stacks produced by PowerCell, is an acknowledgement of the specialist knowledge and unique network that the employees of PowerCell possesses.

“The agreement with PowerCell gives us the opportunity to take further steps in developing fuel cell cars. Recently, we revealed our first demo fuel cell bus featuring hydrogen storage technology. This strategic cooperation with PowerCell makes us look forward to the next level of further cooperation”, said the Director of the Chinese Institute.