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Swedish fuel cell developer...expands footprint into Asia

PowerCell sets up operations in South Korea

GOTHENBURG, SWEDEN, November 25, 2014

Nordic fuel cell technology leader PowerCell Sweden has expanded its international business operations into Asia with the establishment of ‘PowerCell Korea’ in Seoul, South Korea.

It has already succeeded in selling a number of fuel cell systems in the region, said a statement.

South Korea, a buoyant market for fuel cells, as well as the rest of the Asian region are important markets for PowerCell Sweden, it said.

The country has well defined targets to decrease energy consumption and is therefore embracing plausible solutions for renewable energy sources, it said.

It already dominates installations of fuel cell units with high power output and this leading position was strengthened when the world’s largest fuel cell park, 59 MW, opened at Hwasang early this year.

The fuel cell market has been sparked by government subsidies under the “1 million green energy house project” in South Korea by Korea Energy Management Corporation (Kemco), and from 2015 to 2020 the market for independent 5kW to 25kW fuel cell systems is anticipated to grow rapidly, said the statement.

This is the main target market for PowerCell and its all-new generation S2 stack with a scalable power output ranging from 5kW to 25kW, it said.

In South Korea, both Hyundai and Kia Motor Group are set to bring fuel cell powered vehicles on the market, which will further enhance a solid commercial increase in demand for fuel cell technologies, it added.

Magnus Henell, chief executive officer, PowerCell, said: ”We have learnt that our solutions are highly competitive and match requirements of the South Korean customer base in particular, allowing us to expand our business substantially. With our established presence in South Korea, we show a commitment to the Asian market and we look forward to growing the business even further in this region”.

Daniel Han, managing director of PowerCell Korea, said: “2015 will be the take-off year for PowerCell sales, as most of the industrial companies show firm interest in PowerCell’s technology and products.

“We intend to establish some sound partnerships with key industrial players in 2015 to increase PowerCell’s footprint during 2015. We are pretty sure that we will be a significant player on the South Korean fuel cell market by 2016.” - TradeArabia News Service

Tags: South Korea | cell | fuel | Seoul | Nordic | Powercell |

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