Swedish government’s venture capital company makes first €5.8m investment in Powercell Sweden

29 October 2009

The Swedish government’s automotive venture capital company Fouriertransform is making its first investment. It is investing SEK60m (€5.8m) in Powercell Sweden, which develops, produces and sells fuel cells, fuel reformers and auxillary power units.

Per Wassén, chairman of Powercell Sweden and investment director at Volvo Technology Transfer, said, ‘We regard it as very positive that Powercell will gain an additional strong financial owner. This will enable us to be a long-term partner in heavy industrial development projects.’

Fouriertransform’s investment will be made by a directed share issue. Through Volvo Technology Transfer, AB Volvo will remain as the largest owner of Powercell Sweden, with more than 40 per cent of the shares. The other owners are OCAS, Midroc New Technology and Fouriertransform.

Hans Golteus, acting CEO of Fouriertransform, said, ‘We have come to know the enterprise and the people behind it, and are looking forward to a trustful cooperation. We are convinced that this is a good investment for the industry, with potential for high profitability.’

In July, the major companies Midroc and OCAS, along with the Swedish Energy Agency and Volvo Technology Transfer, made a joint investment of SEK200m in Powercell Sweden in Göteborg. The investment will generate 100 new jobs in Göteborg over the next three years.

Wassén said, ‘We are busy staffing the company and have received more than 1,000 highly qualified applicants for our advertised jobs.

‘All resources, from management, marketing and sales to development, production, purchasing and the laboratory will be collected under one roof, close to the abutment of the Älvsborg Bridge on Hisingen in Göteborg. This will make Powercell the largest fuel cell plant in northern Europe.’

Powercell Sweden’s product has been developed by Volvo Technology for more than 15 years and is based on two patented components, a fuel converter and a PEM fuel cell. Powercell Sweden AB develops and distributes advanced fuel cell systems for the transport industry and selective high technology markets. The fuel converter produces hydrogen gas from bio fuels such as ethanol, DME (Dimethyl ether), biogas, methanol and biodiesel, but also from regular diesel or gasoline.

Volvo Technology Transfer is a subsidiary of the Volvo Group, which develops and supports new business that is relevant to the Volvo Group.

Fouriertransform is a venture capital company, established and owned by the Swedish State for investments in companies in the automotive industry.

Copyright © 2009 NewNet

Tags: fuel cells

This story was published on Thursday, October 29th, 2009 at 2:06 pm and is filed under Europe, deals, energy storage. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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