PowerCell Sweden has reported “very strong” fourth quarter results reflecting the steady increase in interest of its technology and knowledge.

The developer and producer of fuel cell stacks and systems set a new record nearly doubling its sales compared to the same period last year. Sales increased to SEK 28.1m ($3m) compared to SEK 15.8m ($1.7m) for the same period last year.

Operating income for the period amounted to SEK -11.1m ($-1.2m) compared to SEK -17.4m ($-1.9m) for the same period last year.

Powercell said the development is explained by a steady increase in interest within a growing number of customer segments for fuel cells and hydrogen.

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The Swedish company received several important orders during the fourth quarter, including an order for a MS-100 fuel cell system from a global bus manufacturer and a follow on order for a PowerCell S3 fuel cell stack from a global automative OEM.

Together with Scania and Renova, PowerCell launched a joint project to build a refuse truck with fuel cells for delivery and commissioning by the end of 2019/beginning of 2020.

In December, PowerCell signed a term sheet with German automotive supplier Robert Bosch regarding the fuel cell stack PowerCell S3 for the automotive segment. PowerCell has delivered fuel cell stacks to Bosch for use in Bosch’s prototype fuel cell systems and these deliveries will continue as a part of the agreement.

“2018 meant a great recognition of fuel cells in general and of our technology in particular”, Per Wassén, President and CEO of PowerCell said.

“The increased awareness about the climate problem and the need of a dramatic reduction of hazardous emissions of particles and NOx, resulted in increased sales and an increased number of customer projects.”