The leading fuel cell company PowerCell Sweden AB (publ) has signed a Letter of Intent together with Hexagon Composites ASA and Nel ASA, both companies from Norway, to establish a joint venture.
PowerCell, Hexagon Composites and Nel intend to establish a joint venture that will enable project development together with customers. The parties intend to stimulate and develop projects where each party’s respective technologies and competences are utilized.
Hexagon Composites ASA is a global market leader for storage and transport of gases under high pressure and Nel ASA is a global hydrogen company that produces and distributes hydrogen from renewable energy. Combined with the power efficient fuel cell stacks from PowerCell, this could constitute a 0-emission power solution that brings substantial customer value.
“We are happy over this common intention to develop a unique power solution that responds well to our customers’ high environmental ambitions”, said Per Wassén, CEO of PowerCell Sweden AB.
The agreement is strategically important, but has a limited impact on the company’s results.