Fouriertransform, the venture capital company established by the Swedish State for backing companies in the automotive industry, is investing SEK60m in Powercell Sweden AB, a developer, producer and provider of fuel cells, fuel reformers and auxillary power units.
The investment will be made by a directed share issue (money is injected directly into the company in exchange for new shares).
Through Volvo Technology Transfer, AB Volvo will remain as the largest owner of Powercell Sweden AB, with more than 40% of the shares. The other owners are OCAS, Midroc New Technology and Fouriertransform.
At the beginning of July, the major companies Midroc and OCAS, along with the Swedish Energy Agency and Volvo Technology Transfer, made a joint investment of SEK 200m in Powercell that will generate 100 new jobs in Göteborg over the next three years.
Commenting on this first investment, Hans Golteus, Acting CEO of Fouriertransform, said: “We are convinced that this is a good investment for the industry, with potential for high profitability”.
Powercell Sweden AB was founded in 2008 as a subsidiary to Volvo Technology Transfer, a subsidiary of the Volvo Group which develops and supports new business that is relevant to the Volvo Group. This comprises investing in companies and projects that are of strategic, technical and commercial interest.