Following the joint development and licencing agreement with Robert Bosch GmbH, signed in April 2019, PowerCell Sweden has reported a record second quarter (Q2) with an operated income of 513,828 thousand SEK ($53,100,000).
Total sales for the quarter of 15,552 thousand SEK ($1,000,000) highlighted a 15% rise compared to Q2 2018.
Commenting on the results, Per Wassén, President and CEO of PowerCell, said, “The agreement with Bosch is obviously decisive for our second quarter but the underlying result is also developing positively due to increased sales and favourable product mix.”
PowerCell Sweden’s joint development and licensing agreement with Robert Bosch GmbH focused on the PowerCell S3 fuel cell stack for the automotive segment.
The agreement included a joint development of the S3 and a licence whereby Bosch gained the exclusive right to produce and sell the new improved version of PowerCell S3 for automotive applications.
Bosch paid an initial €50m ($55,400.00) for the license and will pay a royalty fee for every product sold once Bosch starts production of the S3.