Nordic fuel cell company PowerCell Sweden AB finalises joint venture with Nel ASA and Hexagon Composites
Nordic fuel cell company PowerCell Sweden AB finalises joint venture with Nel ASA and Hexagon Composites
author Added by FuelCellsWorks, April 20, 2017

Gothenburg, Sweden --The leading Nordic fuel cell company PowerCell Sweden AB (publ) announced today that the company has finalised the joint venture agreement with Hexagon Composites ASA and Nel ASA to establish a joint venture for the development of integrated hydrogen projects.

As previously communicated, PowerCell, Hexagon Composites and Nel ASA have negotiated a joint venture for the development of integrated hydrogen projects based on PowerCell’s fuel cell technology.

“By working with these global market leaders, we will be able to utilise each party’s respective technologies and competencies to develop world-class, integrated hydrogen solutions. The joint venture will have an initial focus on opportunities in the maritime and marine segments, as well as enabling energy storage from renewable sources”, says Per Wassén, CEO of PowerCell Sweden AB.

The joint venture will be equally owned by Nel ASA, Hexagon Composites ASA and PowerCell Sweden AB, and will create a one-stop-shop for customers wanting to utilise hydrogen technologies across the value chain: From renewable hydrogen production, to storage and distribution, to generating electricity via fuel cells. The jointly-owned entity will manage and develop the projects to ensure that technologies from the partners are effectively integrated into complete and optimal solutions for the customer.

“We look forward to establishing the joint venture and have been energised by working with our new partners over the last few months identifying business opportunities. Combined with the project requests that we have already received from the public sector and marine transportation companies, we see significant opportunities for the joint venture and believe that we are positioned to deliver unparalleled customer value in the form of zero-emission power solutions”, Per Wassén concludes.

Hexagon Composites ASA is a global market leader for storage and transport of gases under high pressure, while Nel is a global, dedicated hydrogen company, delivering optimal solutions to produce, store and distribute hydrogen from renewable energy.