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2015-01-26

PowerCell: The Swedish Energy Agency grants leading fuel cell company PowerCell 5 MSEK (EUR 530,000) for the development of a modular fuel cell system for stat

THE SWEDISH ENERGY AGENCY GRANTS LEADING FUEL CELL COMPANY POWERCELL 5 MSEK
(EUR 530,000) FOR THE DEVELOPMENT OF A MODULAR FUEL CELL SYSTEM FOR
STATIONARY APPLICATIONS

The newly listed fuel cell company PowerCell Sweden AB (publ)
has been granted 5 MSEK (EUR 530.000) by the
Swedish Energy Agency to develop a
modular fuel cell system for stationary applications. The project aims to
develop and demonstrate stationary fuel cell systems based on modules of 20
kW with PowerCell’s new fuel cell stack, S2.

In discussions with several potential customers, PowerCell has seen a great
interest in stationary systems in different sizes based on PowerCell's fuel
cell technology. Supported by the awarded grant from the Swedish Energy
Agency, PowerCell will develop a modular fuel cell system for stationary
applications.

PowerCell has identified a range of applications that can be addressed
using systems based on this fuel cell module, such as for storage of energy
from renewable sources like solar and wind power that have a very high
fluctuating production that do not comply with requirements. Other possible
applications are larger standby generators and electricity generation from
excess hydrogen in the process industry.

Magnus Henell, CEO of PowerCell said: "The Swedish Energy Agency has once
again shown that they believe in our technology. They find our technology
to be very interesting and have supported us in several projects so far. We
see a great potential for this modular fuel cell system as the interest in
this solution is great in a number of segments and markets worldwide".

Based on the system that PowerCell has previously developed, the so-called
"Range Extender", stationary fuel cell systems in the range of 20-120 kW
can be developed for applications in several segments and markets.

Fuel cells are expected to play a very important role in the transition
towards renewable fuels, where it has great potential to replace the
smaller diesel power plants in several applications, but also as part of
the energy storage system and at large power plants due to its high
efficiency and lack of toxic emissions.

The Swedish Energy Agency operates in various sectors of society to create
the conditions for an efficient, sustainable and cost-effective use of
energy in Sweden.

Gothenburg, Sweden, January 26, 2015.

For additional information please contact:

Magnus Henell
CEO, PowerCell
Phone: +46 739 10 37 03
Email: magnus.henell@powercell.se

The following documents can be retrieved from beQuoted
PowerCell Pressrelease 2015-01-26 (English).pdf

PowerCell Pressrelease 2015-01-26 (Swedish).pdf

About PowerCell Sweden AB (publ)
PowerCell Sweden AB (publ) is the Nordic leading fuel cell 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 and the
telecommunication industry.

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, Sweden. PowerCell Sweden AB is listed on
First North at Nasdaq Stockholm. Among the biggest owners are Volvo Group
Venture Capital, Fouriertransform, Midroc New Technologies and Finindus.
For further information, please visit: www.powercell.se

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