PowerCell Sweden AB has sold its holding in the former joint venture company Hyon AS to instead establish its own, wholly owned Norwegian subsidiary.
Establishing a subsidiary is part of the greater focus on the Norwegian market that PowerCell has previously communicated.
Since it was founded in 2017, the Hyon joint venture has been owned in equal parts by PowerCell and the Norwegian companies Hexagon and Nel.
The development experienced both by PowerCell and the Norwegian hydrogen market since then has made it more attractive for PowerCell to address the Norwegian market directly instead of through a joint venture.
In April this year, PowerCell announced its intention to establish a local presence in the Norwegian market and start the recruitment of a senior sales manager. In December last year, PowerCell also announced that the company had signed a memorandum of understanding with Norwegian company Statkraft regarding a cooperation within energy solutions based on hydrogen and fuel cells.
The establishment of a Norwegian subsidiary will take place partly by using the sales proceeds that the company received from the sale of Hyon to Norwegian company Saga Pure.
“Norway is well advanced in the area of hydrogen, making it a more attractive market for us both for the sale of our products and for developing and improving our offering. By establishing our own local subsidiary, we will have significantly more opportunities to achieve this and in light of this the timing is particularly suitable for selling our share of Hyon,” says Richard Berkling, CEO, PowerCell Sweden AB.