Volvo Group’s fuel cell company to receive €18m investment

3 July 2009

The Swedish Energy Agency and the Volvo Group, in partnership with international corporations Midroc and OCAS are investing SEK200m (€18.3m) in the development of fuel cells.

The investment will be made to Powercell Sweden, currently owned by Volvo Technology Transfer, to accelerate the introduction of fuel cells into the market as well as create 100 new jobs.

Per Wassen, investment director at Volvo Technology Transfer, said, ‘We are immediately going to start hiring qualified people for production, product development, marketing and sales. Thanks to our reformer technology we are now ready to start our production without having to wait for an infrastructure for the distribution of hydrogen gas. This is truly a major step in the development of fuel cells.’

Per Ekdunge, CEO of Powercell Sweden, added, ‘I am immensely proud that we are building this company on a technology that has been developed by Volvo for 15 years.’

The Swedish Energy Agency’s portion of the investment comprises a loan of SEK30m for three years.

Copyright © 2009 NewNet

Tags: fuel cell

This story was published on Friday, July 3rd, 2009 at 1:45 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.

One Response to “Volvo Group’s fuel cell company to receive €18m investment”

1. Paul McLachlan says:

   6 July 2009 at 11:31 am

   Efficient reforming is good news but a fuel cell means high cost, batteries and electric motors and altogether too much mass. the future for hydrogen is all about low mass simple technology with a compact, high efficiency Pivotal hydrogen engine. We need simple and well executed design if we are to have a ubiquitous uptake of hydrogen vehicles. paul.mclachlan@pivotalengine.com

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