PowerCell signs SEK 50 million loan to finance its continued expansion
Prenumeration
Beskrivning
| Land | Sverige |
|---|---|
| Lista | Mid Cap Stockholm |
| Sektor | Energi & Miljö |
| Industri | Energikällor |
Hydrogen-electric solutions are essential for the world to reach the Paris Agreement's climate goals, and PowerCell is meeting strong demand for its emission-free solutions. To finance the continued expansion, PowerCell has signed a loan with Nordea of SEK 50 million. The loan is partly secured by the European Investment Fund’s “InvestEU Sustainability Guarantee”.
Since the beginning of 2024, PowerCell has been working to secure working capital funding due to the transition from the earlier phase of project sales to more market-driven growth through long-term OEM contracts. The transition to more industrial OEM business increases the burden on payment terms and the build-up of capital, which PowerCell now secures. Demand for hydrogen electric solutions from major OEM customers continues to grow and PowerCell sees more and more commercial applications for its solutions.
“Our solutions have been commercialized for several years now and with this funding we can enter into even larger customer commitments and expand for future series deliveries,” says Richard Berkling, CEO of PowerCell. “Together with our customers, we contribute to reducing emissions and creating a more sustainable world.”