14 October 2015

Swedish fuel cell developer PowerCell establishes a branch in Germany - Oct 2015

[Gothenburg, Sweden, October 14, 2015.]  PowerCell Sweden will establish PowerCell Germany GmbH. Mr André Martin, who is a senior fuel cell expert and former executive in the automotive and supply chain industry and Member of the Board of Directors of PowerCell Sweden, was appointed Managing Director of the company.

“I am happy to announce that we are about to establish PowerCell Germany GmbH and look forward to work together with Mr André Martin to expand our business in the German region”, said Per Wassén, CEO at PowerCell Sweden AB.

PowerCell is a leading energy technology company with a unique and patented technology for generating electricity from fuel cells in an efficient and environmentally friendly way. PowerCell develops and distributes advanced fuel cell stacks and systems for stationary and mobile applications. PowerCell Sweden AB is listed at NASDAQ First North after a successful IPO, since December 2014.

The foundation follows the objective to strengthen the market development in one of the most important European markets and consolidate the company’s growth strategy.

Initially, marketing activities for PowerCell fuel cell products shall be expanded and on-going development activities for the automotive sector shall be facilitated by higher customer proximity.

PowerCell furthermore undertake conversations with potential strategic partners to strengthen their portfolio and to increase the momentum of commercialization activities by support of partnerships.

Mr Per Wassén, CEO of PowerCell Sweden, stated: “The establishment of the German branch is a logic step for implementation of our commercialization strategy. The support by Mr. André Martin is a core element for us to facilitate this development.“

PowerCell Sweden consider the establishment of the German branch as an important step for the achievement of their strategic objectives and set high expectations in the collaboration with their German customers and partners.

For additional information please contact:

Per Wassén

CEO, PowerCell Sweden AB (publ)

Phone: +46 76 553 37 71

Email: per.wassen@powercell.se