COMPANY PROFILE / HYDROGEN ENERGY
PowerCell
A Swedish fuel cell specialist that spun out of Volvo, built on marine and stationary power and leaning on Bosch for volume manufacturing
PowerCell comes up in hydrogen discussions because it is one of the few listed companies that does nothing but polymer electrolyte fuel cell (PEFC) stacks and systems, sold into marine, aviation and stationary power. Net sales for 2025 were SEK 385.0 million (2024: SEK 334.3 million) and the operating result was SEK -22.9 million. In the first half of 2026, however, net sales fell to SEK 83.9 million (SEK 204.1 million a year earlier) and the operating result widened to SEK -92.6 million. Much of the fall reflects a large Bosch licensing transaction in the second quarter of 2025, but the company itself calls it a "weak quarter". This profile sets out, from the company's reports and releases, what PowerCell has put into hydrogen, what it has won in orders, and how much it discloses.
- PowerCell in 30 seconds, and where it stands in hydrogen
- The logo and how the name is written
- Where the company sits in the field
- Scale
- Resources committed to hydrogen
- What it has done so far
- What comes next
- What the company is aiming for in hydrogen
- Map of partnerships in hydrogen
- Technologies, products and services
- The risks this company carries
- Glossary, references and claim-to-source audit
1. PowerCell in 30 seconds, and where it stands in hydrogen
PowerCell is best understood as "a small hydrogen fuel cell technology company that relies on Bosch for industrial-scale manufacturing and has just started to win its first large projects in marine and data-center power" Our calculation. In June 2026 it won an order for 4 MW (about SEK 50 million) for two liquid hydrogen-fuelled ships, and in July 2026 an order for a 5 MW class system (about SEK 30 million) for a U.S. data center Sourced. The "about 300 MW" for data centers, however, is a non-binding memorandum, which the company says is not committed volume or revenue Not yet confirmed.
2. The logo and how the name is written
A note on names: the legal entity is Powercell Sweden AB (publ) (company ID 556759-8353), which also calls itself PowerCell Group or PowerCell. Its products include Marine System 225 (MS225), PowerSystem 190 (PS190), M2Power 250 and the S3 stack. Bosch means Robert Bosch GmbH, PowerCell's manufacturing partner and largest shareholder. The logo image was taken from the company's official website (powercellgroup.com).
Official website: https://powercellgroup.com/3. Where the company sits in the field
PowerCell is on the user side of hydrogen. Its products generate electricity from hydrogen (or from fuel reformed into hydrogen) in PEFCs; it does not produce or transport hydrogen Sourced. Its markets are marine (including liquid hydrogen ships and cargo ships), stationary power (data centers and backup), aviation, and rail, off-road and on-road. The S3 stack for cars is offered through Bosch. For the method, see our explainers on fuel cell vehicles and polymer electrolyte fuel cells, and on platinum-group metals and catalysts. Some products (M2Power) reform methanol into hydrogen, in which case the source of the hydrogen is methanol (see our explainer on methanol).
4. Scale
PowerCell is a small listed company dedicated to hydrogen fuel cells. The company as a whole is shown below Sourced.
| Item (SEK million) | 2024 | 2025 | H1 2026 (year earlier) |
|---|---|---|---|
| Net sales | 334.3 | 385.0 | 83.9 (204.1) |
| Gross profit | 116.2 | 174.2 | 14.4 (107.6) |
| Gross margin | 34.8% | 45.2% | 17.1% (52.7%) |
| R&D costs | 110.9 | 114.4 | 63.0 (52.9) |
| Operating result | -53.7 | -22.9 | -92.6 (10.1) |
| Net result | -47.3 | -29.5 | -91.0 (6.7) |
In 2025, projects accounted on a percentage-of-completion basis made up SEK 203.4 million of sales. By country, Germany contributed SEK 149.1 million and Italy SEK 133.3 million, together about 73% of sales Our calculation. The second-quarter 2026 report attributes the fall in sales to last year's large Bosch licensing transaction (royalty and license income of SEK 62.2 million in the year-earlier quarter), delayed deliveries and postponed orders. At the end of June 2026 cash was SEK 34.5 million, and available liquidity including an unused credit facility was SEK 76.0 million. Because the whole company is a hydrogen fuel cell business, no separate hydrogen breakdown applies.
The five-year table in the 2025 annual report prints earnings per share for 2025 as "0.34", but the income statement in the same report and the 2026 reports give SEK -0.51. This article uses the income statement and does not show earnings per share in its tables Sourced.
5. Resources committed to hydrogen
Because the whole company is a hydrogen fuel cell business, company-wide figures are the hydrogen figures.
| Resource | What primary sources confirm | Category |
|---|---|---|
| People | 161 employees (Annual Report 2025), at Gothenburg (headquarters), Norway, Germany and the U.S. Vlad Månsson was appointed Chief Commercial Officer, taking up the post in the third quarter of 2026 | Sourced |
| Money (R&D) | R&D costs were SEK 114.4 million in 2025 and SEK 63.0 million in the first half of 2026. Capitalised development was SEK 4.7 million in the first half (mainly the PS200 system). Grants were SEK 25.8 million in 2025 and SEK 18.7 million in the first half of 2026 (mostly EU grants for aviation) | Sourced |
| Outside investments, acquisitions, joint ventures, disposals | No investment or acquisition by PowerCell was found. The main relationship coming from outside is Bosch (largest shareholder with 11.22%; licensed the S3 stack for automotive since 2019 and contract-manufactures it since 2023; acquired IP rights to adapt it for China in 2025). Licensing income from Bosch was booked in the second quarter of 2025 | Sourced / investments and acquisitions not found |
| Universities, research institutes, public funding | The EU's MiNaMi project (€7 million in total; PowerCell's share about €2.6 million to end-2028). An order from DLR (the German Aerospace Center) as part of zero4cruise, funded by the German Federal Ministry for Economic Affairs and Energy. A follow-up order (SEK 12 million) from a European aerospace research institute | Sourced |
Status of major projects
| Project | Location | Scale | Stage | Date | Source |
|---|---|---|---|---|---|
| ECL CSC-1 (AI data center) | Santa Clara, California, U.S. | PS190 systems of the 5 MW class, about SEK 30 million (35 MW campus) | Ordered; delivery planned by end-2026 | 13 July 2026 | Reference 7 |
| ECL MV-1 | Mountain View, California, U.S. | Size not stated | Operating (ECL says hydrogen has been its primary power for more than two years) | As of the 13 July 2026 release | Reference 6 |
| Two LH2-fuelled ships for LH2 Shipping | North Sea short-sea routes | 4 MW (MS225-based), about SEK 50 million | Ordered (deliveries by 2028) | 25 June 2026 | Reference 5 |
| MiNaMi (EU) | Europe | MW-class marine PEFC; targets of 80,000 hours and 1 million+ nautical miles | Development project (to end-2028) | 27 February 2026 | Reference 9 |
| Fuel-to-Power system at DLR, Kiel | Kiel, Germany | Two MS225 units and two methanol reformers | Ordered (delivery in Q4 2026, commissioning in H1 2027) | 4 August 2026 | Reference 8 |
| The additional "about 300 MW" | U.S. | About 300 MW | Non-binding memorandum (not committed volume) | 13 July 2026 | Reference 6 |
A PEFC stack is built from membranes, platinum-based catalysts, gas diffusion layers and separators (see our explainer on fuel cell vehicles and polymer electrolyte fuel cells). In its MiNaMi announcement, PowerCell says that durability depends not only on stack technology but also on system integration, control strategies, operating profiles and maintenance concepts Sourced. In marine service, with long operating hours and many starts, stops and load changes, how to limit membrane degradation and catalyst loss is generally regarded as the issue (general knowledge). The company sets a target of 80,000 hours, but that is a target, not a demonstrated lifetime. Because Bosch manufactures the S3 stack, the choice and sourcing of membranes, catalysts and separators cannot be confirmed from PowerCell's own primary sources Not yet confirmed.
6. What it has done so far
| When | What happened | Meaning |
|---|---|---|
| 2008 | Founded (the company's description), after an industrial spin-out from the Volvo Group | Automotive fuel cell technology as the starting point |
| 2019 | Bosch licensed the S3 stack for automotive and obtained exclusive rights to manufacture and sell it for that use | A division of labour in which a large supplier handles cars |
| 2023 | Under a supplier agreement, Bosch began contract-manufacturing S3 stacks | Borrowing manufacturing capacity |
| 2024 | Launched Marine System 225 | The main marine product |
| June 2025 | MS225 received Lloyd's Register type approval. Bosch acquired IP rights to adapt the S3 for China | Marine type approval and a wider relationship with Bosch |
| 2025 | First order from Hitachi Energy for hydrogen fuel cells for its Hyflex platform (the month could not be determined from the annual report) | Replacing diesel generators |
| 2025 | Launched PS190. Obtained AS9100D (aviation quality standard). Signed a field-validation contract for PS190 with a U.S. data-center provider (December) | Expansion into stationary power |
| February 2026 | Joined the EU-funded MiNaMi project (27 February) | MW-class, long-life marine systems |
| 9 March 2026 | Responded to an SVT report, saying it was based on technology two generations old | Disclosure about challenges to its technology |
| April 2026 | First-quarter report: "slow conversion" into orders. Began cost-efficiency measures | Postponed demand |
| 25 June 2026 | Won a 4 MW marine fuel cell order from LH2 Shipping (about SEK 50 million) | For liquid hydrogen ships |
| 13 July 2026 | Won a 5 MW class PS190 order for ECL's CSC-1 (about SEK 30 million). The about 300 MW is a non-binding memorandum | First large order for AI data centers |
| 16 July 2026 | Second-quarter report: a "weak quarter". Net sales SEK 37.0 million (130.0 a year earlier) | Includes the reversal of last year's Bosch income |
| 4 August 2026 | Won a Fuel-to-Power system order from DLR (about SEK 21 million) | Combined with methanol reforming |
7. What comes next
The reports also state the following policies and plans Not yet confirmed.
- Marine as the foundation of the business, and Power Generation as a second pillar
- Postponing part of the investment in next-generation platforms, extending the commercial life of current products while strengthening software, system integration and energy orchestration (DMC)
- For MS225, DNV type approval is intended in addition to Lloyd's Register and RINA
- Continued adjustment of the cost base (right-sizing); the company describes 2026 as a year of market uncertainty
- The about 300 MW with ECL is a non-binding memorandum, and any deployment would need separate definitive agreements
Total order backlog / any investment or acquisition other than Bosch's holding / specifications of the stack materials (membrane, catalyst, separator) / published data from individual life tests / names of data-center customers other than ECL / the content of the SVT report itself. None of these appears in the company's reports or releases, or was confirmed for this article.
8. What the company is aiming for in hydrogen
This table separates what the company says directly from what we read into it. An Inference is our own interpretation of primary-source material.
| What can be read | Primary-source basis | Category |
|---|---|---|
| Build on marine and make stationary power a second pillar | The July 2026 release states the ambition to establish Power Generation as a second core business alongside Marine | Sourced (company's goal) |
| Leave industrial-scale manufacturing to Bosch and concentrate on application engineering | The annual report says Bosch contract-manufactures the stacks so that PowerCell can focus on system assembly, customer adaptation and next-generation technology | Sourced |
| Sell fuel cells as primary power infrastructure | The ECL project is described as hydrogen fuel cells acting as part of the site's primary energy infrastructure rather than backup power | Sourced (company's account) |
| Sales depend on a few large projects and Bosch income | 73% of 2025 sales were in Germany and Italy; Bosch royalty and license income fell from SEK 62.2 million to SEK 0.1 million in Q2 2026 | Inference |
| Building a track record of lifetime and reliability is the priority | An 80,000-hour target in MiNaMi, and disclosure of more than 200,000 test hours. The core of its rebuttal to the media report was test hours | Sourced / Inference (priority) |
The reading that sales depend on a few large projects and Bosch income rests on the swings between quarters. Second-quarter 2026 net sales were SEK 37.0 million, down 72% from SEK 130.0 million a year earlier; excluding last year's Bosch-related income (SEK 62.2 million), the company says the fall was still 46% Sourced. The CEO writes that in Power Generation a limited number of customer decisions can create substantial opportunities but their timing is hard to predict, and that quarterly volatility is likely to continue. The reports do not give total orders received or an order backlog, however, so the size of the swings cannot be checked in numbers Not yet confirmed.
9. Map of partnerships in hydrogen
PowerCell's relationships fall into manufacturing, licensing and equity (Bosch), customer deployments (ECL, LH2 Shipping, Hitachi Energy, DLR), and publicly funded development (the EU's MiNaMi, and zero4cruise funded by the German Federal Ministry for Economic Affairs and Energy) Sourced. Bosch plays three roles: largest shareholder, manufacturing partner and automotive licensee. PowerCell describes the ECL project as a partnership underpinned by Bosch's industrial base. Capital relationships with other large companies were not found in the materials checked.
10. Technologies, products and services
This section lists PowerCell's main products Sourced. All performance figures are the company's stated values under differing conditions, so we do not rank them.
| Category | What the official materials say | Note |
|---|---|---|
| S3 stack | A fuel cell stack of up to 145 kW. Licensed and manufactured by Bosch for automotive; for aviation, described as backed by more than 100,000 hours of validation | Automotive rights are exclusive to Bosch |
| Marine System 225 (MS225) | A marine system launched in 2024. Can be paralleled up to several MW, with Lloyd's Register and RINA type approvals | Selected for two liquid hydrogen ships |
| M2Power 250 | A marine generator that reforms methanol into hydrogen and produces 250 kW of electricity in a fuel cell | Fuel is methanol; a similar set-up is used at DLR |
| PowerSystem 190 (PS190) / PowerPod | Stationary power systems. PS190 integrates Bosch's industrial fuel cell with PowerCell's controls (DMC). PowerPod is containerised, for backup, remote and temporary power | Output range from 5 kW to several MW |
| Distributed Master Controller (DMC) | Software that controls several fuel cell modules as a single power system. Also sold as a license | Licenses are included in the ECL order |
| Engineering services | Technical support for shipyards and system integrators in marine; maintenance contracts | A long-term service agreement is intended for LH2 Shipping |
PowerCell uses the same lineage of stack across automotive (Bosch), marine, aviation and stationary power, yet each market asks for different qualities. Marine and stationary uses call for tens of thousands of hours of continuous operation, aviation for light weight and operation at altitude, and automotive for low-cost mass production (general knowledge; the company's announcements do not list individual requirements). The description of the S3 stresses both that it has been proven in aviation and that Bosch can build it in volume Sourced. How far the membrane and catalyst design can be shared across markets is therefore likely to be the key to reconciling cost and lifetime. Differences in individual materials or design are not stated in the primary sources Not yet confirmed.
11. The risks this company carries
| Risk | Detail | Category |
|---|---|---|
| Volatile sales | Second-quarter 2026 sales were down 72% from a year earlier, and 46% excluding the Bosch effect; gross margin fell to 10.4%. The company says the timing of customer decisions in Power Generation is hard to predict | Sourced |
| Dependence on Bosch | Bosch is the largest shareholder, the maker of the stacks and the automotive licensee. Changes in royalty and license income affect sales and margin directly (2025 royalty income was SEK 10.4 million as "royalty" in the annual report, and SEK 112.1 million as "royalty and license fees" after reclassification in the 2026 reports; SEK 3.4 million in the first half of 2026) | Sourced / Inference |
| Funding | Cash of SEK 34.5 million and available liquidity of SEK 76.0 million at the end of June 2026. Operating cash flow was SEK -88.1 million in the first half of 2026. Project financing and a credit facility have newly been used | Sourced |
| Challenges to its technology and media coverage | An SVT report in March 2026 raised the risk that the technology would not meet customer expectations. The company replied that it was based on technology two generations old, and the 2026 reports say customer and delivery attention after the coverage affected gross profit | Sourced (company's claims) |
| Lifetime and reliability | 80,000 hours is the target of MiNaMi. Long-term track records for marine and stationary use are still to be established through operation | Not yet confirmed |
| Hydrogen availability | The company says hydrogen availability is increasing, particularly in the U.S., but the hydrogen supply chain varies widely by region | Sourced (company's view) / Inference |
| Limited visibility | Total order backlog and individual test data are not published | Not yet confirmed |
12. Glossary
- PEFC (polymer electrolyte fuel cell)
- A fuel cell that uses a solid polymer membrane as the electrolyte. Used in ships, vehicles and stationary power.
- Stack
- Many fuel cells stacked together. A system adds air and hydrogen supply and controls to the stack.
- M2Power
- PowerCell's product name for a generator that reforms methanol into hydrogen and feeds it to a fuel cell.
- DMC (Distributed Master Controller)
- PowerCell's control software that runs several fuel cell modules as one system.
- Type approval
- A procedure by which a classification society (Lloyd's Register, RINA, DNV and others) certifies that equipment meets the standards for installation on a ship.
- SEK
- Swedish krona. This article does not convert currencies.
- MoU (memorandum of understanding)
- A statement of intent toward a future agreement. A non-binding one does not fix volume or revenue.
- Liquid hydrogen (LH2)
- Hydrogen cooled to -253°C into a liquid. LH2 Shipping plans cargo ships fuelled with it.
13. References
- PowerCell Sweden AB Annual Report 2025 (published 20 April 2026). Company overview, headcount, sales and results, products, the relationship with Bosch, major shareholders and the significant events of 2025. https://storage.mfn.se/ef23ad34-7d4d-48ea-8860-b7913cffab62/powercell-ar2025-eng.pdf
- PowerCell Sweden AB Interim report second quarter 2026 (16 July 2026). First-half 2026 sales, results and cash, Bosch-related income, R&D spending, grants and the breakdown of sales. https://storage.mfn.se/a9851c76-d89e-4d15-9767-a8f4b8cfbfea/powercell-q2-2026-en.pdf
- PowerCell Sweden AB Interim report first quarter 2026 (23 April 2026). First-quarter orders (including the Minami project) and cost-efficiency measures. https://storage.mfn.se/5dccb7f5-21db-41e1-b5e2-b5ded9cc1d0e/powercell-q1-2026-en.pdf
- PowerCell Sweden AB Year-end report 2025 (4 February 2026). The CEO's account of 2025, orders and the market. https://storage.mfn.se/bc04bc6b-260a-47d1-87bf-7558b0297254/powercell-q4-2025-en.pdf
- PowerCell Sweden AB Press release, "PowerCell secures 4 MW marine fuel cell order valued at SEK 50 million" (25 June 2026). The 4 MW marine fuel cell order from LH2 Shipping. https://mfn.se/a/powercell-sweden/powercell-secures-4-mw-marine-fuel-cell-order-valued-at-sek-50-million
- PowerCell Sweden AB / ECL Press release, "PowerCell and ECL Announce 300 MW+ Hydrogen Power Partnership for AI Data Centers, Supported by Bosch" (13 July 2026). The partnership with ECL and the non-binding memorandum of about 300 MW. https://mfn.se/a/powercell-sweden/powercell-and-ecl-announce-300-mw-hydrogen-power-partnership-for-ai-data-centers-supported-by-bosch
- PowerCell Sweden AB Press release, "PowerCell secures multi-MW Power Generation order for AI data center, valued at approximately SEK 30 million" (13 July 2026). The PS190 order for ECL's CSC-1 (5 MW class, about SEK 30 million). https://mfn.se/a/powercell-sweden/powercell-secures-multi-mw-power-generation-order-for-ai-data-center-valued-at-approximately-sek-30-million
- PowerCell Sweden AB Press release, "PowerCell secures SEK 21 million DLR order for integrated Fuel-to-Power system" (4 August 2026). The Fuel-to-Power system for the German Aerospace Center (DLR). https://mfn.se/a/powercell-sweden/powercell-secures-sek-21-million-dlr-order-for-integrated-fuel-to-power-system
- PowerCell Sweden AB Press release, "PowerCell joins EU project MiNaMi targeting ultra-long lifetime megawatt fuel cell systems for maritime applications" (27 February 2026). Participation in the EU-funded MiNaMi project. https://mfn.se/a/powercell-sweden/powercell-joins-eu-project-minami-targeting-ultra-long-lifetime-megawatt-fuel-cell-systems-for-maritime-applications
- PowerCell Sweden AB Press release, "PowerCell Group responds to claims regarding deficient technology" (9 March 2026). The company's response to the SVT report. https://mfn.se/a/powercell-sweden/powercell-group-responds-to-claims-regarding-deficient-technology
- PowerCell Group Official website (source of the logo image). Source of the logo image (PCG-Logocombo.png). https://powercellgroup.com/
14. Claim-to-source audit
| Claim in the text | Category | Source |
|---|---|---|
| Legal name Powercell Sweden AB (publ), headquarters in Gothenburg, listed on Nasdaq Stockholm, founded in 2008, spun out of the Volvo Group | Sourced | The founding year is from the company's own description. Reference 1 https://storage.mfn.se/ef23ad34-7d4d-48ea-8860-b7913cffab62/powercell-ar2025-eng.pdf Reference 2 https://storage.mfn.se/a9851c76-d89e-4d15-9767-a8f4b8cfbfea/powercell-q2-2026-en.pdf |
| 161 employees; subsidiaries in Norway, Sweden, Germany and the U.S. | Sourced | Reference 1 https://storage.mfn.se/ef23ad34-7d4d-48ea-8860-b7913cffab62/powercell-ar2025-eng.pdf |
| 2025 net sales of SEK 384.958 million (2024: 334.278), gross margin of 45.2%, operating result of SEK -22.943 million (-53.743) | Sourced | Reference 1 https://storage.mfn.se/ef23ad34-7d4d-48ea-8860-b7913cffab62/powercell-ar2025-eng.pdf |
| 2025 R&D costs of SEK 114.363 million (2024: 110.877); grants of SEK 25.787 million | Sourced | Reference 1 https://storage.mfn.se/ef23ad34-7d4d-48ea-8860-b7913cffab62/powercell-ar2025-eng.pdf Reference 2 https://storage.mfn.se/a9851c76-d89e-4d15-9767-a8f4b8cfbfea/powercell-q2-2026-en.pdf |
| First-half 2026 net sales of SEK 83.937 million (204.089), gross margin of 17.1%, operating result of SEK -92.588 million (10.060) | Sourced | Reference 2 https://storage.mfn.se/a9851c76-d89e-4d15-9767-a8f4b8cfbfea/powercell-q2-2026-en.pdf |
| Q2 2026: royalty and license income from Bosch of SEK 0.1 million (SEK 62.2 million a year earlier); excluding last year's large Bosch licensing transaction, sales fell 46% | Sourced | Reference 2 https://storage.mfn.se/a9851c76-d89e-4d15-9767-a8f4b8cfbfea/powercell-q2-2026-en.pdf |
| Cash of SEK 34.5 million at 30 June 2026, available liquidity of SEK 76.0 million (including an unused credit facility of SEK 41.5 million), equity ratio of 52.8% | Sourced | Reference 2 https://storage.mfn.se/a9851c76-d89e-4d15-9767-a8f4b8cfbfea/powercell-q2-2026-en.pdf |
| First-half 2026 R&D costs of SEK 63.038 million; capitalised development of SEK 4.7 million (mainly the PS200 system); grants of SEK 18.693 million, mostly EU grants for aviation | Sourced | Reference 2 https://storage.mfn.se/a9851c76-d89e-4d15-9767-a8f4b8cfbfea/powercell-q2-2026-en.pdf |
| 2025 sales by country: Germany SEK 149.055 million, Italy SEK 133.320 million; together about 73% of sales | Our calculation | Our own calculation from the table in Reference 2. Reference 2 https://storage.mfn.se/a9851c76-d89e-4d15-9767-a8f4b8cfbfea/powercell-q2-2026-en.pdf |
| Bosch is the largest shareholder with 11.22% (end-2025); it has licensed S3 stacks for automotive since 2019 and contract-manufactures them since 2023 | Sourced | Reference 1 https://storage.mfn.se/ef23ad34-7d4d-48ea-8860-b7913cffab62/powercell-ar2025-eng.pdf |
| June 2025: Bosch acquired IP rights to adapt the S3 stack for China; MS225 received Lloyd's Register type approval | Sourced | Reference 1 https://storage.mfn.se/ef23ad34-7d4d-48ea-8860-b7913cffab62/powercell-ar2025-eng.pdf |
| S3 stack up to 145 kW; MS225 can be paralleled to several MW; PS190 is a containerised system for distributed power | Sourced | Company's stated values; conditions are not given. Reference 1 https://storage.mfn.se/ef23ad34-7d4d-48ea-8860-b7913cffab62/powercell-ar2025-eng.pdf |
| 4 MW (about SEK 50 million, deliveries by 2028) ordered by LH2 Shipping for two liquid hydrogen-fuelled ships (25 June 2026) | Sourced | Reference 5 https://mfn.se/a/powercell-sweden/powercell-secures-4-mw-marine-fuel-cell-order-valued-at-sek-50-million |
| PS190 systems of the 5 MW class plus DMC licenses for ECL's CSC-1, about SEK 30 million; delivery planned by end-2026 (13 July 2026) | Sourced | Delivery is the company's plan. Reference 7 https://mfn.se/a/powercell-sweden/powercell-secures-multi-mw-power-generation-order-for-ai-data-center-valued-at-approximately-sek-30-million |
| The additional approximately 300 MW with ECL is a non-binding memorandum, not committed volume or revenue | Not yet confirmed | Stated explicitly by the company. Reference 6 https://mfn.se/a/powercell-sweden/powercell-and-ecl-announce-300-mw-hydrogen-power-partnership-for-ai-data-centers-supported-by-bosch |
| ECL's statement that it has used hydrogen as the primary power source at MV-1 for more than two years | Sourced | A statement by ECL. Reference 6 https://mfn.se/a/powercell-sweden/powercell-and-ecl-announce-300-mw-hydrogen-power-partnership-for-ai-data-centers-supported-by-bosch |
| About SEK 21 million order from DLR (4 August 2026): two MS225, two methanol reformers; delivery in Q4 2026 and commissioning in the first half of 2027 | Not yet confirmed | Delivery and commissioning are company plans. Reference 8 https://mfn.se/a/powercell-sweden/powercell-secures-sek-21-million-dlr-order-for-integrated-fuel-to-power-system |
| EU-funded MiNaMi project (€7 million in total); PowerCell's share about €2.6 million to end-2028; targets of 80,000 hours and more than 1 million nautical miles | Not yet confirmed | Targets. Reference 9 https://mfn.se/a/powercell-sweden/powercell-joins-eu-project-minami-targeting-ultra-long-lifetime-megawatt-fuel-cell-systems-for-maritime-applications |
| Q1 2026 orders of about SEK 50 million in total, of which the Minami project about SEK 28 million (more than 10 MW installed, expected lifetime of 80,000 hours) | Sourced | The lifetime is an expected value. Reference 3 https://storage.mfn.se/5dccb7f5-21db-41e1-b5e2-b5ded9cc1d0e/powercell-q1-2026-en.pdf |
| 9 March 2026: the company answered an SVT report, saying it was based on technology two generations old; more than 200,000 test hours, and more than 500,000 field hours together with Bosch | Sourced | The company's claims. The content of the report itself was not checked for this article. Reference 10 https://mfn.se/a/powercell-sweden/powercell-group-responds-to-claims-regarding-deficient-technology |
| The 2026 reports say attention from customers after the media coverage affected gross profit | Sourced | Reference 2 https://storage.mfn.se/a9851c76-d89e-4d15-9767-a8f4b8cfbfea/powercell-q2-2026-en.pdf Reference 3 https://storage.mfn.se/5dccb7f5-21db-41e1-b5e2-b5ded9cc1d0e/powercell-q1-2026-en.pdf Reference 10 https://mfn.se/a/powercell-sweden/powercell-group-responds-to-claims-regarding-deficient-technology |
| Cost-efficiency measures (right-sizing) and postponement of part of the investment in next-generation platforms | Not yet confirmed | Company policy. Reference 2 https://storage.mfn.se/a9851c76-d89e-4d15-9767-a8f4b8cfbfea/powercell-q2-2026-en.pdf Reference 3 https://storage.mfn.se/5dccb7f5-21db-41e1-b5e2-b5ded9cc1d0e/powercell-q1-2026-en.pdf |
| Hydrogen-specific revenue categories, total order backlog, any investment or acquisition other than Bosch's holding, and published life-test data | Not yet confirmed | Not found for this article in the company's reports. We do not claim that none exist. |
| The classification (fuel cells & end use) and the example companies | Our calculation | Our own classification. |
| Reading that sales depend on a few large projects and on Bosch income | Inference | Our own reading of the sales breakdown and country figures (References 1 and 2). |
| Reading of the gap between the stated two-pillar strategy (marine and stationary power) and the actual order values | Inference | Our own reading of the Q2 CEO comments and the order values (References 2, 5 and 7). |
Last updated: 5 October 2026 / Troy Technical
The figures in this article are based on PowerCell's annual report, interim reports and official releases. Amounts are in SEK, the original currency, with no currency conversion. Market estimates from research firms and press-reported figures are not used. Product performance figures are the company's stated or target values under differing conditions and are not a ranking. Items marked "Inference" are our own readings of primary-source material, not statements by the company. This article is not advice on handling hydrogen.