To accelerate the introduction of fuel cells into the market, the Volvo Group, through Volvo Technology Transfer, will receive investment from Midroc New Technology and OCAS, as well as from the Swedish Energy Agency.
The parties will make a joint investment of SEK200m in Gothenburg-based Powercell
Following the investment, Volvo will be a minority owner.
The fuel converter produces hydrogen gas from bio-fuels such as ethanol, DME (Dimethyl ether), biogas, methanol and biodiesel, and also from regular diesel or petrol.
The PEM fuel cell then converts the hydrogen gas into electricity.
‘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,’ said Per Wassén, investment director at Volvo Technology Transfer and chairman of Powercell
‘This is truly a major step in the development of fuel cells.’