Volvo announces new investment in Powercell Sweden fuel cell technology
The Volvo Group and the Swedish Energy Agency, in partnership with international corporations Midroc and OCAS, are investing SEK 200 million (16 million GBP) in Volvo’s development of fuel cells.
The Volvo Group, through its company Volvo Technology Transfer, will receive the investment from Midroc New Technology and OCAS, as well as from the Swedish Energy Agency. The parties will make the joint investment in Powercell Sweden AB, in Gothenburg, which is currently owned by Volvo Technology Transfer. Following the investment, Volvo will be a minority owner.
In the autumn of 2009, Powercell Sweden will need to hire around 60 people in an entirely new plant in the Gothenburg region. Per Wassen, Investment Director at Volvo Technology Transfer and chairman of Powercell Sweden AB, foresees that the company will create around 100 new jobs within the next three years.
Powercell Sweden AB is based on two patented components: a fuel converter (reformer) and a PEM fuel cell. The reformer produces hydrogen from bio fuels such as ethanol, DME (Dimethyl ether), biogas, methanol and biodiesel, as well as regular diesel or gasoline.
Volvo Technology Transfer is a subsidiary of the Volvo Group. Volvo Technology Transfer 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.
Midroc New Technology, a part of Midroc Europe, develops and invests in future technologies within Clean Tech and BioMed. Midroc is owned by Mohammed H. Al-Amoudi who among other companies owns Preem Petroleum, Swedish Petroleum Exploration and Västra Hamnen Funds.
OCAS is an advanced market-driven material research center based in Belgium. OCAS’ part in the investment is taken up by its sister company, the investment fund Finindus. OCAS will support Powercell Sweden with the development and optimizing of materials and their implementations.
The Swedish Energy Agency’s portion of the investment comprises a loan of SEK 30 M (2.4 million GPB) for three years.
http://finance.yahoo.com/news/Volvo-Investment-in-Volvos-bw-3450468282.html?x=0&.v=1
Source: Fuel Cell Today