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2014-11-12

PowerCell: Leading Swedish fuel cell technology - PowerCell Sweden AB seeks stock market listing

LEADING SWEDISH FUEL CELL TECHNOLOGY - POWERCELL SWEDEN AB SEEKS STOCK
MARKET LISTING

The Board of PowerCell has decided to conduct a
rights issue of SEK 115m ($15.5m) and to apply for a listing of its shares
at First North at Nasdaq Stockholm. PowerCell has developed an
environmentally friendly and efficient fuel cell technology. The technology
can reduce the operating costs of electricity supply by one third, while
protecting the environment even though ordinary diesel is used as fuel. The
Board believes that simpler fuel supply and cheaper operations can
contribute to significantly expand the global fuel cell market.

PowerCell Sweden AB's operations are based on more than 20 years of
research and development in fuel cells and reformers. The company was
founded in 2008 and is since 2009 owned by Volvo Group Venture Capital

, Fouriertransform , Midroc New
Technologies and Finindus
. The company's head office is located in
Gothenburg, Sweden.

PowerCell has developed and patented a unique fuel cell and reformer
technology. Fuel cells as electricity generators are highly efficient and
with no emissions. It has previously only been possible to power fuel cells
with methanol or hydrogen, which has made operations expensive. These fuels
are also difficult to obtain.

PowerCell's technology makes it possible to power fuel cells with
conventional diesel, the most commonly used fuel in the world. The new
technology reduces operating costs for generators by a third, and keeps the
fuel cell environmentally friendly. PowerCell is initially targeting the
telecom industry. There are more than one million telecom base stations*
in inaccessible areas, of which 90 per cent are are powered by diesel (both
main and back-up generators). Environmental and cost benefits can be very
large in this market. Other related applications are in the transport
sector for e.g. the generation of electricity for stationary trucks, which
could thereby eliminate idling. In a broader perspective, generators for
households and boats, electric hybrid vehicles and military applications
can become relevant target markets.

The fuel cell market for stationary electricity generators is expected to
grow from $1.4bn in 2013 to $40bn in 2022**.

Details of the offer to purchase shares in PowerCell Sweden AB will be
announced shortly via a press release and on www.powercell.se
.

G&W Fondkommission and Avanza Bank are financial advisors to PowerCell in
conjunction with the rights issue and the offer to purchase shares.

* Source: GPM Bi-Annual Report, GSMA, June 2014
** Source: Stationary Fuel cells will reach $ 40 Bn in annual revenue by
2022, Navigant reseach press release, March 10 2014

Gothenburg, Sweden, November 12, 2014

For additional information, please contact:
Magnus Henell
CEO, PowerCell Sweden AB
Ph: +46 739 10 37 03
Email: magnus.henell@powercell.se

Per Wassén
Chairman of the Board, PowerCell Sweden AB
Ph : +46 765 53 37 71

The following documents can be retrieved from beQuoted
PowerCell Pressrelease 2014-11-12 (English).pdf

PowerCell Pressrelease 2014-11-12 (Swedish).pdf

About PowerCell Sweden AB (publ)
PowerCell Sweden AB (publ) is a leading energy technology company with a
unique and patented technology for generating electricity from fuel cells
in an efficient and environmentally friendly way. PowerCell develops and
distributes advanced fuel cell systems for the transport industry, the
telecommunication industry and the military sector.

PowerCell has developed fuel cell technology for more than a decade, and
has perfected a unique design that enables the production of a lightweight,
versatile and reliable power source for automotive, transport and
stationary applications.

By combining their fuel cell- and reformer technology PowerCell has
developed a fuel cell system that converts diesel fuel to electricity in an
energy efficient and environmentally friendly manner, with minimal
emissions and quiet operation. The fuel cell system is initially adapted to
supply electric power to the telecom industry.

PowerCell is a spinout from the Volvo Group with the objective to develop
and produce environmentally friendly power systems based on a unique fuel
cell and reformer technology that matches existing fuel infrastructures.
PowerCell is based in Gothenburg and is owned by Volvo Group Venture
Capital, Fouriertransform, Midroc New Technologies and Finindus. For
further information, please visit: www.PowerCell.se

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