PowerCell Sweden AB has signed a term sheet with Germany-based Robert Bosch GmbH for a joint development cooperation for the automotive segment regarding PowerCell’s automotive fuel cell stack PowerCell S3 and PowerCell’s fuel cell systems.

The parties have also agreed that PowerCell will start supplying Robert Bosch GmbH with fuel cell stacks for use in Bosch’s prototype fuel cell systems for the automotive industry. 

Following the signing of the term sheet, a document that outlines the terms by which an investor will make a financial investment in a business, the two companies will engage in detailed negotiations about the terms for the development cooperation. Negotiations are aiming to be finalised in the first half of 2019.

The forthcoming negotiations will include scope of cooperation, intellectual property rights, field of use, production and licensing agreements as well as remuneration and licensing fees.

PowerCell’s fuel cell stack PowerCell S3 has been specifically developed to meet the needs of the automotive segment and has market leading power density and durability.