What PowerCell Sweden does

PowerCell Sweden AB (publ) is a Swedish hydrogen fuel cell technology company headquartered in Gothenburg, founded in 2008 and publicly listed on NASDAQ Stockholm under ticker PCELF. The company develops and produces hydrogen fuel cell stacks and complete PEM (proton exchange membrane) fuel cell systems, with a product portfolio spanning stationary power generation, e-mobility, marine propulsion, and aerospace applications. Core offerings include modular 100 kW fuel cell systems used in aerospace testing and the next-generation MS-500, a 500 kW marine fuel cell system that is in the type-approval process with commercial introduction targeted for 2028.

PowerCell generates revenue through direct enterprise sales of fuel cell stacks and customized systems to industrial OEM customers, with recent contract values ranging from SEK 12 million to SEK 44 million for individual design, qualification, and delivery engagements. Its go-to-market is concentrated at the bottom of the funnel: direct, large-order negotiations with named OEM and research customers, exemplified by an agreement with a leading Italian marine OEM and a follow-on order from a European aerospace research institute. The company targets use cases driven by zero-emission regulations, including IMO emissions standards and FuelEU Maritime compliance, and serves vessel operators, aviation propulsion programs, and stationary power integrators.

The business is pre-profit: revenue grew from approximately SEK 17.7 million in 2021 to approximately SEK 41.8 million in 2025 (local currency), while EBITDA has remained negative each year, consistent with an industrial scaling phase. PowerCell is positioning for a transition from a technology-development company to an industrial manufacturer, supported by strategic investments from Bosch, Volvo Group Venture Capital, and the Swedish Energy Agency, and reinforced by a new commercial leadership appointment in 2026.

Name

PowerCell Sweden

Legal name

PowerCell Sweden AB (publ)

Website

https://powercell.se

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

101–250 employees

Short description

PowerCell Sweden AB (publ) develops and produces hydrogen PEM fuel cell stacks and modular systems for marine, aerospace, e-mobility, and stationary power customers, selling directly to industrial OEMs.

Ownership category

akta.pro rank

Product category

Hydrogen Fuel Cell Systems

NAICS

Other Electric Power Generation (221118), Electric Power Generation (22111), Turbine and Turbine Generator Set Units Manufacturing (333611)

SIC

Motors & Generators (3621), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Hydrogen Energy Storage & Power-to-X Equipment (electrolyzers, storage, fuel cell systems) (IMAGAHAM)

akta.pro secondary industries

Fuel Cell Distributed Generation (Hydrogen/Natural Gas SOFC/PEM) (EUACALAK), Fuel Cell CHP (SOFC/PEM—Natural Gas/Biogas/Hydrogen) (EUACAKAG)

Keywords

• Hydrogen fuel cells
• Fuel cell systems
• PEM fuel cell stacks
• Marine fuel cell propulsion
• Stationary power generation

Headquarters

HQ city

Gothenburg

HQ country

Sweden

HQ region

Europe

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Supply Chain, Operations, Marketing or Sales

Revenue model

1. Fuel Cell System Sales: PowerCell generates revenue through direct sales of hydrogen fuel cell stacks and complete systems to industrial customers. Revenue is project-based with contracts ranging from SEK 12 million to SEK 44 million for custom system development and delivery.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

PowerCell Sweden develops and manufactures hydrogen fuel cell stacks and systems based on proprietary PEM (Proton Exchange Membrane) technology. Their products serve three primary application areas: stationary power generation, e-mobility (heavy-duty transport applications), and marine propulsion, supplying complete fuel cell systems to OEM customers in marine, aerospace, and heavy transport industries.

Product overview

PowerCell Sweden is a Swedish hydrogen fuel cell technology company that develops and produces hydrogen fuel cell stacks and systems. The company's product portfolio includes modular fuel cell systems ranging from 100 kW units for aerospace applications to high-power systems like the MS-500 for marine propulsion. PowerCell serves three primary application areas: stationary power generation, e-mobility (electric vehicles), and marine propulsion. The company operates as part of the broader fuel cell ecosystem and is recognized as a key player in the ammonia hydrogen fuel cells market.

Differentiator

Problem solved

Functional benefit

Brands

• MS-500: Next-generation high-power marine fuel cell system designed for large-scale marine applications, type-approved before market introduction in 2028

Products and services

• MS-500 Marine Fuel Cell System A fuel cell system designed for marine propulsion applications, providing zero-emission power for ships and marine vessels. Targeted at marine OEMs seeking hydrogen-electric propulsion solutions.
• 100 kW Modular Fuel-Cell System A 100 kW modular hydrogen fuel cell system designed for stationary power generation and aviation applications. Delivered to a European aerospace research institute for hydrogen-electric aviation research.
• Hydrogen Fuel Cell Stacks and Systems Core product line of PowerCell Sweden consisting of PEM-based hydrogen fuel cell stacks and complete systems for stationary power generation, e-mobility, and marine applications. Sold to OEM customers across heavy-duty transport, marine, aerospace, and stationary power sectors.

Quantifiable outcome

• Type-approved marine fuel cell system for 2028 market introduction
• +1 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators4 records

Recent moves5 records

Expansion highlights6 records

Broad incumbents

• Plug Power: US-based hydrogen fuel cell systems provider focused on material handling, stationary power, and increasingly heavy-duty mobility. Much larger scale than PowerCell and competes broadly across PEM fuel cell applications, including e-mobility.
• Nel ASA: Norwegian company producing hydrogen electrolyzers and fuel cell-related equipment, with a broader hydrogen value-chain focus. Comparable as a Nordic-listed hydrogen hardware peer and overlap in PEM technology development.
• ITM Power: UK-listed hydrogen equipment company focused on PEM electrolyzers for green hydrogen production, with overlap into fuel cell-adjacent hydrogen ecosystem. Comparable as a publicly listed pure-play hydrogen hardware peer in Europe.
• Cummins (Accelera by Cummins): Global power technology major with a dedicated hydrogen fuel cell and electrolyzer business (Accelera). Competes with PowerCell in heavy-duty fuel cell systems, stationary power, and increasingly marine applications, with much larger scale and resources.

Direct peers

• SFC Energy: German-listed fuel cell company specializing in direct methanol and PEM fuel cell systems for stationary and mobile applications. Comparable in size and product portfolio scope (multi-segment fuel cell systems).
• Ballard Power Systems: Canadian PEM fuel cell stack and systems company serving heavy-duty mobility (trucks, buses, trains), marine, and stationary power. Direct competitor to PowerCell in PEM stack technology and many of the same end markets, including maritime.
• Nuvera Fuel Cells: US-based PEM fuel cell engine developer serving heavy-duty mobility, buses, and industrial vehicles. Direct comparable to PowerCell's e-mobility segment with similar PEM stack technology and target OEM customers.

Emerging players

• Advent Technologies Holdings: US-listed developer of high-temperature PEM and SOFC fuel cell systems targeting automotive, aviation, and stationary applications. Emerging competitor with overlapping fuel cell chemistry and aviation exposure.
• ZeroAvia: UK-based hydrogen-electric aviation propulsion developer using PEM fuel cells for zero-emission aircraft. Directly comparable to PowerCell's aerospace validation segment and a potential customer/competitor for aviation fuel cell stacks.

Others

• Bosch Hydrogen Powertrain Systems: Bosch's hydrogen and fuel cell division is both a strategic investor in PowerCell (2019 round) and a competitor in PEM fuel cell stacks for automotive and stationary applications. Highly relevant as a player with overlapping technology and a direct shareholder relationship.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds5 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PowerCell Sweden