CellImpact
CellImpact is a Swedish public manufacturer of bipolar flow plates for hydrogen fuel cells and electrolyzers, using its patented Cell Impact Forming™ high-velocity forming technology to serve fuel cell and electrolyzer producers across Europe, North America, and Asia.
- Company typePublic
- Founded1999
- HeadquartersKarlskoga, Sweden
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What CellImpact does
Cell Impact AB (publ) is a Swedish public company listed on Nasdaq First North Growth Market (ticker: CI) that designs and manufactures customised bipolar flow plates for hydrogen fuel cells (PEM and SOFC) and PEM electrolyzers. Its core technology is Cell Impact Forming™, a patented high-velocity, one-stroke cold forming process in which two tools meet at precisely controlled velocity to shape thin metal coil; the process is dry (no lubricants), uses less energy than conventional pressing, and enables more complex plate geometries with uniform material thickness. The company operates a 5,000 m² production facility in Karlskoga, Sweden, and through partnerships hosts production at Plug Power's Rochester, NY site and a demonstration line at F.C.C. Co.'s Hamamatsu, Japan facility, with a wholly-owned Japanese subsidiary (Cell Impact Japan Inc.) established in 2021.
The company monetizes through four streams: high-volume series production of flow plates (hardware sales), design-for-manufacturing and engineering services, one-off tooling and prototype deliveries, and a licensing/embedded model in which Cell Impact Forming™ lines are installed at customer premises with training and support. Pricing is fully quote-based and not publicly disclosed. Its customer base is concentrated in a small set of enterprise fuel-cell and electrolyzer manufacturers across Europe, North America, and Asia, including Plug Power, F.C.C. Co. Ltd., and thyssenkrupp Automation Engineering (now Krause Automation) as a strategic cooperation partner.
Cell Impact is currently in a financially constrained state. Revenue declined from SEK 47M (2023) to SEK 37M (2024) to SEK 5.57M (2025), headcount has fallen from a peak above 100 to 31, and the company has relied on repeated dilutive financings — a SEK 152M rights issue (November 2023), a SEK 12M bridge loan from Fenja Capital (December 2025), and a SEK 23M rights issue (February 2026) — while management has publicly targeted SEK 200-250M of net sales by 2027 and >SEK 600M by 2030. In December 2025 the company announced a strategic pivot to diversify beyond hydrogen into machinery sales for the mechanical engineering industry.
CellImpact firmographics
Firmographics- Name
- CellImpact
- Legal name
- Cell Impact AB (publ)
- Website
- https://cellimpact.com
- Company type
- Public
- Founded year
- 1999
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- CellImpact is a Swedish public manufacturer of bipolar flow plates for hydrogen fuel cells and electrolyzers, using its patented Cell Impact Forming™ high-velocity forming technology to serve fuel cell and electrolyzer producers across Europe, North America, and Asia.
- Ownership category
- akta.pro rank
CellImpact industry classification
Industry- Product category
- Bipolar Flow Plates
- NAICS
- Motor Vehicle Electrical and Electronic Equipment Manufacturing (336320)
- SIC
- Electrical Industrial Apparatus (3620)
- akta.pro primary industry
- Truck & Commercial Vehicle Electrification Manufacturing (eAxles/Battery Packs/Fuel Cells) (IMACABAK)
- akta.pro secondary industry
- Fuel Cell Distributed Generation (Hydrogen/Natural Gas SOFC/PEM) (EUACALAK)
Keywords
Where CellImpact is headquartered
LocationHeadquarters
- HQ city
- Karlskoga
- HQ country
- Sweden
- HQ region
- Europe
Offices4 records
Markets served
CellImpact business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Personnel, Operations, Technology or R&D, Supply Chain, Marketing or Sales
Revenue model
- Series production of flow plates: High-volume manufacturing of bipolar flow plates for fuel cells and electrolyzers. Customers include fuel cell manufacturers, electrolyzer producers, and automotive companies. Revenue recognized as plates are delivered.
- Design for manufacturing and design services: Specialized flow plate design services, tool design, and optimization support for customers. Helps customers improve plate design and prepare it for manufacturing.
- Tools and prototypes: Production of tools, fixtures, and prototype series for flow plate manufacturing. Includes delivery of tools to customer premises.
- Local production with license revenues: Installation of Cell Impact Forming™ production lines on customer premises through partnerships. Company provides machinery, training, and support while customers operate their own flow plate forming production lines on-site.
Go-to-market motion1 record
Distribution channels4 records
Marketing channels6 records
CellImpact product offering
Product offeringCore offering
Cell Impact manufactures customized bipolar flow plates for hydrogen fuel cells and electrolyzers using its proprietary Cell Impact Forming™ high-velocity, one-stroke forming technology. The company offers design-for-manufacturing services, prototyping, tool making, leak testing, and advanced measurement, and provides its forming technology for on-site installation at customer premises.
Product overview
Cell Impact offers a portfolio of products and services centered around its patented Cell Impact Forming™ technology for manufacturing bipolar flow plates for hydrogen fuel cells and electrolyzers. The core offering consists of Cell Impact Forming™ (high-velocity metal forming technology) and Flow Plates (the manufactured products). These are supported by complementary services including design for manufacturing, tool making, prototype series production, leak testing, and advanced measurement services. The company also introduced Cell Impact Cutting as a new machine concept. Cell Impact operates primarily as a manufacturer and technology provider, offering both in-house production at its Karlskoga facility and potential on-site installation through partnerships.
Differentiator
Problem solved
Functional benefit
Brands
- Cell Impact Forming™: High-velocity forming and manufacturing technology for shaping thin metal coil with high precision in one stroke.
- Cell Impact Cutting
Products and services
- Cell Impact Forming™ Patented high-velocity, one-stroke forming and manufacturing technology for shaping thin metal coil with high precision. Two specially designed tools meet at a high, precisely controlled velocity to shape material between them in one stroke. The process runs cold, requires no lubrication, consumes less energy than conventional pressing, and produces flow plates with uniform material thickness. Sold both as a manufacturing method and embedded in production lines installed at customer premises.
- Flow Plates Customised bipolar flow plates for hydrogen fuel cells and electrolyzers, including PEM (proton exchange membrane) flow plates and solid oxide fuel cell (SOFC) plates. First deliveries of flow plates for electrolyzers and titanium flow plates were completed in 2024. Produced at the Karlskoga facility and shipped worldwide, with over 2.5 million plates delivered across 80 projects.
- Cell Impact Cutting Punching and cutting technology developed for flow plate manufacturing as part of Phase II productivity improvements. The machine concept is ready for production and is intended to be sold to customers in the mechanical engineering industry as part of Cell Impact's diversification beyond hydrogen.
- Design for Manufacturing Services Flow plate design optimization and preparation for manufacturing, including flow plate simulation and analysis, tool design, material choices, coatings evaluation, and volume production setup simulations. Helps customers improve plate design and prepare it for manufacturing using Cell Impact Forming™.
- Prototype Series Manufacturing Prototype flow plate manufacturing to validate production results before full-scale production begins. Allows customers to qualify designs and processes ahead of high-volume commitments.
- Tool Making Production of tools, fixtures, and prototypes needed for manufacturing of flow plates, including forming tools and fixtures. Tools are designed to achieve tool lifetimes well over a million cycles with minimal maintenance.
- Leak Testing State-of-the-art leak testing services for flow plates to ensure quality and performance before delivery to customers.
- Advanced Measurement Services High-precision measurement of flow plates, forming tools, and fixtures using equipment with starting error of 0.28 micrometers (one-twentieth of a strand of hair), enabling measurement of complex flow plate geometries with high accuracy.
Quantifiable outcome
- Cycle times as fast as 1 second per flow plate
- +3 more outcomes
Companies that use CellImpact
Customer profileNamed customers3 records
Segments5 records
Ideal customer profiles4 records
CellImpact technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
CellImpact partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and secondary.
- thyssenkrupp Automation Engineering (now Krause Automation)coreStrategic cooperation agreement to develop and commercialize hydrogen fuel cell and electrolyzer components, focusing on flow plates and manufacturing processes. Builds on a prior letter of intent and involves joint marketing and technical development efforts. Companies are carrying out joint customer engagement initiatives, particularly in Asia.
- ANDRITZcoreCollaboration agreement to develop high-volume production capabilities for bipolar flow plates used in fuel cells and electrolyzers. Partnership involves development of ANDRITZ's new Soucell laser welding system to match Cell Impact's high-speed forming process, with deployment planned for 2025-2026.
- F.C.C. Co., Ltd.secondaryJapanese auto parts supplier hosting a Cell Impact Forming™ demonstration facility in Hamamatsu, Japan. Leading Japanese supplier of components to the automotive industry.
- Plug Power Inc.coreOngoing collaboration for production of flow plates and related products. Cell Impact Forming™ machines installed at Plug Power facility in Rochester, New York, USA for production of flow plates. Multiple orders received including SEK 5.3 million order in June 2026 and previous SEK 22.0 million order in October 2023.
Scale indicators9 records
Recent moves9 records
Expansion highlights5 records
CellImpact competitors and assessment
Company assessmentDirect peers
- Borit: Belgian manufacturer of metal bipolar plates for hydrogen fuel cells and electrolyzers using high-speed stamping and coating processes. Closest head-to-head competitor to Cell Impact in the custom bipolar flow plate niche, serving the same fuel cell and electrolyzer OEMs.
- Treadstone Technologies: UK-based developer and manufacturer of metallic bipolar plates and surface coatings for PEM fuel cells and electrolyzers. Competes directly with Cell Impact Forming™ in the supply of coated / treated metal flow plates to fuel cell stack producers.
Emerging players
- Impact Coatings: Sweden-based supplier of PVD ceramic coatings for metal bipolar plates used in fuel cells and electrolyzers. Sits in the same Nordic hydrogen supply chain as Cell Impact, sells into the same fuel cell OEMs, and competes/co-complements on coated plate performance.
- Voith: German engineering group active in hydrogen mobility, fuel cell drivetrains, and H2 infrastructure. Overlaps with Cell Impact in fuel cell drivetrain components for commercial vehicles, including flow plates and related balance-of-plant hardware.
Broad incumbents
- ElringKlinger: Large German automotive supplier with a fuel cell technology stack covering bipolar plates, stacks, and modules. Overlaps with Cell Impact in metal bipolar plate manufacturing for automotive and commercial-vehicle fuel cell applications, but as part of a much broader portfolio.
- Schaeffler: German automotive and industrial supplier with a hydrogen and fuel cell component business that includes bipolar plate and stack development. Competes in the same fuel cell component market as Cell Impact but with substantially larger automotive customer reach.
- Dana Incorporated: US-based drivetrain and e-propulsion supplier with a fuel cell component portfolio including metallic bipolar plates for commercial vehicles. Competitor in the commercial-vehicle fuel cell component segment that Cell Impact supplies via Plug Power and others.
- Freudenberg: German industrial group with fuel cell and electrolyzer component activities (seals, gas diffusion layers, and plate-related technologies). Comparable as a large diversified incumbent serving many of the same hydrogen OEMs Cell Impact serves.
Others
- Schuler Group: Global press manufacturer whose stamping and forming presses are the conventional alternative to Cell Impact Forming™. Comparable as a competing equipment-manufacturing approach for bipolar plate production rather than a direct plate-supply peer.
- AP&T: Swedish press hardening and forming equipment maker serving automotive and adjacent industries with high-tonnage presses. Comparable as an enabler/supplier of alternative metal-forming technology competing with the Cell Impact Forming™ value proposition.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
CellImpact social profiles
Digital presenceCellImpact compliance and trust
Trust signalCompliance3 records
CellImpact financial estimates
Financial estimateRevenue estimate
Valuation estimate
CellImpact leadership team
Management profileNumber of profiles
Profiles8 records
CellImpact subsidiaries and ownership
Company hierarchySubsidiaries1 record
CellImpact funding detail
Funding detailFunding overview
Funding rounds4 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
CellImpact M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about CellImpact
What does CellImpact do?
Cell Impact manufactures customized bipolar flow plates for hydrogen fuel cells and electrolyzers using its proprietary Cell Impact Forming™ high-velocity, one-stroke forming technology. The company offers design-for-manufacturing services, prototyping, tool making, leak testing, and advanced measurement, and provides its forming technology for on-site installation at customer premises.
Is CellImpact a public or private company?
CellImpact is a public company. It is classified as public and is currently operating.
When was CellImpact founded?
CellImpact was founded in 1999. It employs 11 to 50 people.
Where is CellImpact based?
CellImpact is headquartered in Karlskoga, Sweden, in the Europe region.
How does CellImpact make money?
Four revenue lines are on record. Series production of flow plates are the primary driver. The others are design for manufacturing and design services, tools and prototypes and local production with license revenues.
Who are CellImpact's main competitors?
Direct peers on record are Borit and Treadstone Technologies. Emerging players are Impact Coatings and Voith. Broad incumbents are ElringKlinger, Schaeffler, Dana Incorporated and Freudenberg. Others are Schuler Group and AP&T.
Does CellImpact have an API?
No public API is recorded for CellImpact.
What industry is CellImpact in?
CellImpact's product category is Bipolar Flow Plates. Its primary akta.pro industry code is IMACABAK, Truck & Commercial Vehicle Electrification Manufacturing (eAxles/Battery Packs/Fuel Cells), with a secondary code of EUACALAK, Fuel Cell Distributed Generation (Hydrogen/Natural Gas SOFC/PEM). Its NAICS code is 336320 and its SIC code is 3620.