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PowerCell: Swedish fuel cell developer PowerCell expands footprint into Asia - the company establishes presence in South Korea


Nordic fuel cell technology leader PowerCell Sweden AB (publ) expands its
international business operations into Asia. PowerCell Korea Inc. has been
established in the capital Seoul. "We see a high potential for our
solutions in South Korea and the rest of the Asian market," said Magnus
Henell, CEO, PowerCell Sweden AB.

Nordic fuel cell technology leader PowerCell Sweden expands its
international business operations and presence into Asia. After gaining a
profound traction on the Asian market, PowerCell Sweden identified a great
potential for its solutions and services in the region.

To show its commitment to the customers in Asia, PowerCell has established
a presence in South Korea and has already succeeded in selling a number of
fuel cell systems in the region.

South Korea, a buoyant market for fuel cells, as well as the rest of the
Asian region are important markets for PowerCell Sweden. South Korea has
well defined targets to decrease energy consumption and is therefore
embracing plausible solutions for renewable energy sources. South Korea
already dominates installations of fuel cell units with high power output
and this leading position was strengthened when the world’s largest fuel
cell park, 59 MW, opened at Hwasang early 2014.

The fuel cell market has been sparked by government subsidies under the "1
million green energy house Project" in South Korea by KEMCO (Korea Energy
Management Corporation), and from 2015 to 2020 the market for independent
5kW to 25kW fuel cell systems is anticipated to grow rapidly. This is the
main target market for PowerCell and its all-new generation S2 stack with a
scalable power output ranging from 5kW to 25kW.

In South Korea, both Hyundai and Kia Motor Group are bringing fuel cell
powered vehicles on the market, which will further enhance a solid
commercial increase in demand for fuel cell technologies.

Magnus Henell, CEO, PowerCell said: "We have learnt that our solutions are
highly competitive and match requirements of the South Korean customer base
in particular, allowing us to expand our business substantially. With our
established presence in South Korea, we show a commitment to the Asian
market and we look forward to growing the business even further in this

Daniel Han, Managing Director of PowerCell Korea Co. Ltd concluded: "2015
will be the take-off year for PowerCell sales, as most of the industrial
companies show firm interest in PowerCell’s technology and products. We
intend to establish some sound partnerships with key industrial players in
2015 to increase PowerCell’s footprint during 2015. We are pretty sure that
we will be a significant player on the South Korean fuel cell market by

Gothenburg, Sweden, November 24, 2014

For additional information, please contact:
Magnus Henell
CEO, PowerCell Sweden AB
Ph: +46 739 10 37 03

PowerCell Korea Co. Ltd
Sales Office: 4F Haesung 1st Building,
942 Daechi-dong, Gangnam-gu Seoul,
S. Korea [135-845]
Regional Head Office: PowerCell LAB,
22 Singseol 6Gil, Boryung City, Chungnam Province,
S.Korea [745-31]

Daniel Han, Managing Director
Phone: +82 070 8742 3433

The following documents can be retrieved from beQuoted
PowerCell Pressrelease 2014-11-24 (English).pdf

PowerCell Pressrelease 2014-11-24 (Swedish).pdf

About PowerCell Sweden AB (publ)
PowerCell 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

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