Investment in fuel cells

News

Fouriertransform, the Swedish government-backed venture-capital group for the automotive industry, has announced a £5.3m investment in fuel-cell manufacturer, Powercell Sweden.

 

The investment will be made by injecting money directly into the company in exchange for shares. AB Volvo will remain the largest owner of Powercell Sweden, with around 40 per cent share in equity.

Once the deal is complete, owners of the group will include AB Volvo, OCAS, Midroc New Technology and Fouriertransform.

Per Wassén, chairman of Powercell Sweden, 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.’

Hans Golteus, acting chief executive of Fouriertransform, added: ‘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.’

Register now to continue reading

Thanks for visiting The Engineer. You’ve now reached your monthly limit of news stories. Register for free to unlock unlimited access to all of our news coverage, as well as premium content including opinion, in-depth features and special reports.  

Benefits of registering

  • In-depth insights and coverage of key emerging trends

  • Unrestricted access to special reports throughout the year

  • Daily technology news delivered straight to your inbox

Register
Or continue by

Signing in with your registered email address