What PowerCell Group does

PowerCell Group (PowerCell Sweden AB) is a Swedish PEM hydrogen fuel cell company founded in 2008 and listed on Nasdaq Stockholm since December 2023, headquartered in Gothenburg with a wholly owned German subsidiary. The company designs and manufactures proton exchange membrane fuel cell stacks and integrated systems spanning 5 kW to multi-megawatt power ranges, serving industrial OEMs, shipbuilders, aviation companies, system integrators, and operators across marine, aviation, stationary power generation, rail, off-road, and on-road segments. Its core technology platform is the S3 fuel cell stack co-developed with Bosch GmbH, which has accumulated over 100,000 hours of validation and is flight-proven in aviation applications; this stack underpins the Marine System 225 (225 kW, scalable to MW), Marine System 200 (~6 MW per vessel for hydrogen ferries), M2Power 250 (methanol-to-hydrogen reformer), Power Generation portfolio (PowerSystem and PowerPod), P System 100 (off-road), and Ancillary System 5. The company holds marine type approvals from Lloyd's Register and RINA, with DNV in progress.

PowerCell generates revenue primarily through direct enterprise sales of fuel cell hardware and integrated systems to industrial customers, supplemented by engineering services (feasibility, integration, certification support) and multi-year service agreements — exemplified by the 15-year service contract for the Torghatten Nord Bodø/Lofoten ferries (2025-2040). All sales are project-based and quote-driven with no public pricing. Go-to-market is exclusively enterprise field sales out of Gothenburg, targeting OEMs through long, technically deep, multi-year engagement cycles. The company is structurally embedded in EU-funded research consortia (GAMMA, MiNaMi, NEWBORN/Clean Aviation JU, High Coast Hydrogen Valley) that provide non-dilutive funding, technical validation, and strategic positioning. Management is led by CEO Richard Berkling, CFO Anders Düring, CTO Dr. Andreas Bodén, and Chairman Katarina Bonde (elected May 2026); Uwe Hillmann (Bosch) sits on the board, evidencing the depth of the strategic partnership.

Name

PowerCell Group

Legal name

PowerCell Sweden AB

Website

https://powercellgroup.com

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

101–250 employees

Short description

PowerCell Group designs and manufactures PEM hydrogen fuel cell stacks and integrated systems (5 kW to multi-MW) for industrial OEMs, shipbuilders, and aviation companies across marine, aviation, stationary power, rail, off-road, and on-road segments, leveraging an S3 platform co-developed with Bosch.

Ownership category

akta.pro rank

Product category

Hydrogen Fuel Cell Systems

NAICS

Turbine and Turbine Generator Set Units Manufacturing (333611)

SIC

Electronic & Other Electrical Equipment (No Computer Equip) (3600)

akta.pro primary industry

Fuel Cell Distributed Generation (Hydrogen/Natural Gas SOFC/PEM) (EUACALAK)

akta.pro secondary industries

Hydrogen CHP (Fuel Cell & H2-Ready Turbines) (EUACAKAF), Hydrogen Energy Storage & Power-to-X Equipment (electrolyzers, storage, fuel cell systems) (IMAGAHAM)

Keywords

• PEM fuel cell systems
• Hydrogen fuel cell stacks
• Marine fuel cell propulsion
• Aviation hydrogen propulsion
• Stationary fuel cell power

Headquarters

HQ city

Gothenburg

HQ country

Sweden

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Fuel Cell Systems and Stacks (Hardware Sales): Sale of PEM fuel cell stacks and integrated fuel cell systems (Marine, Power Generation, Off-Road, Aviation). Core revenue driver. Systems are sold directly to industrial OEMs, shipbuilders, aviation companies, and system integrators. Deliveries often span multiple years with large contract values (e.g., SEK 50M for 4 MW marine order, SEK 12M aviation follow-up order).
2. Engineering Services: Pre-study, integration and commissioning support. PowerCell offers engineering services spanning feasibility analysis, concept development, product development, certification support, and installation. Provided as a standalone service or bundled with hardware sales.
3. Long-Term Service Agreements: Service contracts covering fuel cell systems over multi-year operational lifetimes. For example, 15-year service agreement for hydrogen ferries (2025–2040) with LH2 Shipping. Generates recurring service revenues over vessel operational lifetimes.
4. Grant-Funded Research (Subsidiary): Research projects funded by Vinnova and the Swedish Energy Agency. Approximately 1% of company operations in 2025. PowerCell provides the majority of funding in these projects. Includes industrial PhD positions and next-generation materials research. 2023–2025 grants received: ~SEK 5.2M from Vinnova and ~SEK 2.4M from the Swedish Energy Agency.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

PowerCell Group designs and manufactures PEM (Proton Exchange Membrane) hydrogen fuel cell stacks and integrated fuel cell systems ranging from 5 kW to multi-megawatt, serving marine, aviation, off-road, on-road, rail, and stationary power generation applications. The company also provides engineering services for system integration and long-term service agreements over the operational lifetime of delivered systems.

Product overview

PowerCell Group offers hydrogen fuel cell stacks and systems for power generation across six industry segments: Aviation, Marine, Rail, Off-Road, On-Road, and Stationary Power Generation. The core technology platform includes the S3 fuel cell stack (co-developed with Bosch, aviation-qualified with up to 145 kW peak power), Fuel Cell Stacks, and Fuel Cell Systems. The Marine portfolio comprises Marine System 225 (225 kW, scalable to MW) and Marine System 200 (marine-class systems up to 6 MW per vessel), alongside the M2Power 250 methanol-to-hydrogen reformer (250 kW) for maritime methanol-to-power applications. The Off-Road range includes the P System 100 (100 kW) for heavy-duty vehicles and the Ancillary System 5 (V Stack-based, for auxiliary power on electric utility vehicles). The Power Generation portfolio, launched in November 2025, provides two complementary platforms: PowerSystem (Bosch-origin fuel cell products integrated with the PowerCell Distributed Master Controller, for OEMs and EPCs) and PowerPod (containerised plug-and-play systems replacing diesel gensets). These modular building blocks scale from individual units to multi-megawatt port microgrids and hybrid shore power installations. The company also offers Aviation Engineering Services guiding customers from feasibility through certification using the S3 platform, with over 100,000 hours of validation and testing.

Differentiator

Problem solved

Functional benefit

Products and services

• S3 Fuel Cell Stack
• Marine System 225
• Marine System 200
• M2Power 250
• P System 100
• Ancillary System 5 (AS5)
• PowerSystem
• PowerPod
• Power Generation System 100
• Power Generation System 200
• Aviation Engineering Services
• Fuel Cell Systems
• Fuel Cell Stacks

Quantifiable outcome

• Up to 95% CO2 emission reduction compared to conventional marine fuels when using renewable methanol
• +5 more outcomes

Named customers13 records

Segments6 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

31 partnerships are on record, tiered major, core and minor.

• LH2 Shipping ASmajorStrategic or Co-development Partner · 25 June 2026Contract to supply fuel cell systems for two liquid hydrogen-powered cargo ships to be built by Norwegian LH2 Shipping AS. 4 MW of installed power based on Marine System 225 platform, valued at ~SEK 50 million. Deliveries by 2028. Parties intend to establish a long-term service agreement with future service revenues over vessels' operational lifetime.
• e1 MarinemajorStrategic or Co-development Partner · 15 April 2026Commercial project to supply methanol-to-hydrogen reformer technology for integration with PowerCell Group's M2Power 250 system aboard a large yacht. 0.5 MW installation, part of SEK 43 million order from a European shipyard. Enables on-demand hydrogen generation to replace conventional marine diesel gensets. Advances decarbonisation in marine leisure and superyacht sectors.
• High Coast to West Coast Hydrogen Valley (45 partners, coordinated by RISE)majorStrategic or Co-development Partner · 22 January 2026EUR ~20M EU Horizon Europe-funded project to develop renewable hydrogen value chains across Västernorrland and Western Sweden over six years. Target: at least 4,000 tonnes of green hydrogen by 2030. Partners from Sweden, Spain, Greece, Germany. PowerCell is one of 45 industry, research, and public-sector partners.
• GAMMA Consortium (16 European partners, led by Verkís)majorStrategic or Co-development Partner · 20 January 2026€17M Horizon Europe-funded initiative to demonstrate hydrogen-based fuel cells for decarbonising deep-sea shipping. Five-year project to retrofit a 60,000 DWT bulk carrier (TOPIC Fleet) with 1 MW fuel cell power system to replace traditional fossil fuel generators. Led by Icelandic engineering company Verkís.
• Robert Bosch GmbHcoreStrategic or Co-development Partner · 24 November 2025Strategic collaboration for industrial fuel cell technology. Bosch provides the industrial fuel cell foundation; PowerCell contributes application expertise and system integration. This partnership produced the S3 platform (flight-proven, >100,000 validation hours) and the Power Generation portfolio (PowerSystem and PowerPod platforms). Represents PowerCell's broadest product introduction in company history. Ongoing into commercialisation and industrialisation phase.
• Stena LineminorStrategic or Co-development Partner · 1 January 2025HyFlex project partner in 2025. Two-week demonstration at Majnabbe terminal in Gothenburg connecting containerised hydrogen fuel cell generator to existing shore power system on one of Stena Line's ferries. Demonstrated fuel cell as clean, grid-supporting power source for ships at berth.
• Alfa LavalcoreStrategic or Co-development Partner · 1 January 2025Swedish industrial partner explored in 2024 initiative for developing Swedish electrolyser technology alongside Hitachi Energy, Stegra, Alleima, and Swedish universities. Initiative was never realised and no grants were received. Had it proceeded, public co-funding attributable to PowerCell would have been ~SEK 10–15M per year.
• Stegra (formerly H2 Green Steel)minorStrategic or Co-development Partner · 1 January 2025Swedish green steel company. Part of 2024 initiative with Alfa Laval, Hitachi Energy, Alleima, and Swedish universities to explore electrolyser technology development. Initiative was never realised.
• AlleimaminorStrategic or Co-development Partner · 1 January 2025Swedish advanced materials company. Part of 2024 initiative to explore electrolyser technology development. Initiative was never realised.
• KTH Royal Institute of TechnologycoreStrategic or Co-development Partner · 1 January 2025Research partner for next-generation fuel cell technology. Includes industrial PhD positions and research into future materials, components and properties including reduced use of PFAS and precious metals. Also part of 2024 electrolyser initiative. Builds on S3 platform developed with Bosch.
• Chalmers University of TechnologycoreStrategic or Co-development Partner · 1 January 2025Research partner for next-generation fuel cell materials and components. Also part of 2024 electrolyser technology initiative alongside Hitachi Energy, Alfa Laval, Stegra, Alleima, KTH, Luleå University of Technology, and Umeå University.
• Luleå University of TechnologyminorStrategic or Co-development Partner · 1 January 2025Part of 2024 Swedish electrolyser technology initiative. University partner contributing to research and industrial development in hydrogen sector.
• Umeå UniversityminorStrategic or Co-development Partner · 1 January 2025Part of 2024 Swedish electrolyser technology initiative alongside other Swedish universities and industrial partners.
• Swedish Energy AgencycoreStrategic or Co-development Partner · 1 January 2025Research funding partner. Provided ~SEK 2.4M in funding during 2023–2025 period for long-term technology development. Supports industrial PhD positions and next-generation fuel cell materials research.
• Vinnova (Swedish Innovation Agency)coreStrategic or Co-development Partner · 1 January 2025Research funding partner. Provided ~SEK 5.2M during 2023–2025 (including ~SEK 3M for 2026 activities). Supports long-term fundamental research alongside commercial product development.
• Norwegian Ship DesignminorStrategic or Co-development Partner · 1 January 2025Collaborated on hydrogen ferry design for Torghatten Nord project. Developed unique and safe concept for onboard hydrogen system that takes hydrogen properties into account. Their work sets potential standard for an entire class of hydrogen-powered passenger ships.
• SEAMminorStrategic or Co-development Partner · 1 January 2025Norwegian maritime design company. Collaborated with PowerCell and Norwegian Ship Design on hydrogen ferry development for Torghatten Nord project.
• DFDSminorStrategic or Co-development Partner · 1 January 2025Danish shipping company. Part of MiNaMi project consortium. Contributes operational perspective and vessel integration insights for megawatt-scale PEM fuel cell development for maritime use.
• AMSL AerocoreStrategic or Co-development Partner · 1 December 2024Collaboration on hydrogen fuel cell VTOL project for aircraft 'Vertiia' — hydrogen-electric VTOL covering up to 1,000 km at 300 km/h. Comprehensive concept study defining hydrogen fuel cell system requirements. Plan to advance to ground testing, then flight testing, for certified hydrogen fuel cell systems for aviation.
• Hitachi EnergycoreStrategic or Co-development Partner · 1 January 2024Collaboration on power generation solutions. Part of HyFlex demonstration project (2024–2025) deploying containerised hydrogen fuel cell system for off-grid power at Port of Gothenburg construction site and Stena Line's Majnabbe terminal in Gothenburg. Hitachi Energy contributes to HyFlex project alongside Skanska, Port of Gothenburg, and Linde Gas.
• SkanskaminorStrategic or Co-development Partner · 1 January 2024Partner in HyFlex demonstration project (2024) — containerised hydrogen fuel cell system for off-grid power at a Port of Gothenburg construction site. Demonstrated practical use of fuel cells in construction industry.
• Port of GothenburgminorStrategic or Co-development Partner · 1 January 2024Partner in HyFlex demonstration project. Containerised hydrogen fuel cell system deployed at port construction site (2024) and ferry terminal (2025). Demonstrates fuel cell technology for port energy resilience and zero-emission shore power.
• Linde GasminorStrategic or Co-development Partner · 1 January 2024Partner in HyFlex demonstration project (2024). Contributes hydrogen supply and infrastructure expertise for containerised fuel cell demonstration at Port of Gothenburg.
• Torghatten NordmajorStrategic or Co-development Partner · 1 March 2023Norwegian ferry operator developing and operating hydrogen ferries for Norway's most extended ferry connection between Lofoten and Bodø. PowerCell delivers Marine System 200 providing ~6.4 MW power per ferry for two zero-emission ferries. 15-year service from 2025 to 2040. Includes collaboration with Norwegian Ship Design and SEAM. Lloyd's Register awarded Approval in Principle (AiP) after comprehensive HAZID certification.
• ZeroAviamajorStrategic or Co-development Partner · 1 January 2023Fuel cell stacks as core propulsion component for ZeroAvia's 19-seater Dornier 228 hydrogen-electric aircraft. Completed 15 test flights; advanced tests with redundant propulsion systems underway. Largest aircraft to successfully fly using hydrogen-electric powertrain at the time of first flight. PowerCell provides robust, compact fuel cell system with application-specific software.
• MiNaMi Consortium (SINTEF, VTT, ABB, Vaisala, DFDS, Allengra, CERTH, Fondazione Bruno Kessler)coreStrategic or Co-development Partner · 1 January 2023EU-funded consortium (grant agreement No 101250260) developing Europe's first megawatt-scale PEM fuel cell system for maritime use. Target: 80,000 operating hours (1M+ nautical miles) and system CAPEX below 1,000 €/kW. Builds on MARANDA and H2Marine projects. PowerCell brings mature fuel cell platform and stack/system engineering expertise.
• Clean Aviation Joint Undertaking (EU)coreStrategic or Co-development Partner · 1 January 2023EU-funded aviation research programme with total budget exceeding EUR 700M across ~20 projects. PowerCell selected to join the NEWBORN project to co-develop aerospace-qualified multi-megawatt hydrogen-powered propulsion system. PowerCell developing new 300 kW product platform within this framework.
• Volvo Construction Equipment (Volvo CE)majorStrategic or Co-development Partner · 1 January 2022Collaboration on World's First Zero-Emission Hauler. PowerCell contributed a 100 kW fuel cell system integrated into a 20-ton hydrogen electric dump truck. Project in partnership with RISE. Demonstrated at Volvo CE test site in Braås, Sweden. Project finished spring 2022.
• Bambili groupminorStrategic or Co-development Partner · 1 January 2022South African project partner for military hospital fuel cell installation. Through partnership with Bambili group, local government in Tshwane launched hydrogen fuel cell system project to power temporary military hospitals. PS-5 fuel cell systems put into operation August 2020.
• RISE (Research Institutes of Sweden)coreStrategic or Co-development Partner · 1 January 2016Long-standing research partner. Collaborated on hydrogen electric forklift project (with Kalmar/OEM) at SSAB facilities in Sandviken. Contributed expertise in safety, driveline dimensioning, and electromagnetic compatibility. Also coordination partner of High Coast to West Coast Hydrogen Valley (EUR 20M EU-funded project). RISE is also a partner in the MiNaMi project consortium.
• Kalmar (Cargotec)minorStrategic or Co-development Partner · 1 January 2016Logistics OEM that demonstrated hybrid fuel cell-battery forklift with PowerCell technology. PowerCell modified its system to fit into Kalmar's existing electrified forklift chassis. Field tested at SSAB facilities in Sandviken.

Scale indicators14 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Nel ASA: Norwegian hydrogen solutions company producing PEM electrolyzers and fuel cell systems for mobility, marine, and stationary applications. Direct overlap on PEM technology stack and marine/heavy-mobility focus with operations across similar geographies.
• SFC Energy: German manufacturer of PEM and direct methanol fuel cells for clean stationary and mobile power applications including industrial, security, and recreational use. Comparable technology base serving stationary and specialty mobile markets.
• Plug Power: US-based PEM fuel cell and green hydrogen ecosystem player with mobile and stationary applications including material handling, on-road mobility, and stationary power. Comparable PEM stack technology and competing for similar end-use applications.
• Ballard Power Systems: Canadian PEM fuel cell stack and system manufacturer serving heavy-duty mobility, marine, rail, and stationary power. Direct competitor in PowerCell's core PEM segments with overlapping target customers (shipbuilders, transit agencies, industrial OEMs).
• Advent Technologies: US-based developer of PEM fuel cell systems and high-temperature membrane technologies for automotive, aviation, marine, and stationary power. Competes with PowerCell in aviation propulsion and stationary fuel cell system categories.
• Accelera by Cummins: Cummins' clean power business (including the former Hydrogenics) producing PEM fuel cells for heavy-duty trucks, buses, rail, marine, and stationary power. Comparable PEM fuel cell portfolio targeting many of the same industrial OEM customers as PowerCell.
• cellcentric: Joint venture between Daimler Truck and Volvo Group developing and industrializing fuel cell systems for heavy-duty commercial vehicles in Europe. Direct competitor for heavy-duty fuel cell drivetrain integrations and member of the Bosch-PowerCell adjacent European fuel cell ecosystem.

Broad incumbents

• ABB Marine & Ports: Global supplier of electric, hybrid, and fuel cell power and propulsion systems for marine vessels. Power systems integrator and MiNaMi consortium partner alongside PowerCell; overlapping in marine fuel cell integration and energy management architecture.
• Doosan Fuel Cell: South Korea's largest stationary fuel cell manufacturer with global deployments of solid oxide and PEM fuel cell power systems for utilities and commercial buildings. Incumbent in the stationary fuel cell power generation segment overlapping PowerCell's Power Generation portfolio.

Emerging players

• Heart Aerospace: Swedish developer of the ES-30 hybrid-electric 30-seat regional aircraft using hydrogen fuel cells. Direct overlap with PowerCell's aviation segment; both target the same EU-backed aviation electrification programs (NEWBORN, Clean Aviation JU) and similar airline customers for hydrogen-electric propulsion.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/powercell-group
• Xx.com/PowerCell_Group

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments

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Frequently asked questions about PowerCell Group