This is PowerCell这是PowerCell

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1、ANNUALREPORT2017ThisisPowerCellContentsWearecontributingtoafossilfreeworld.Ourtechnologymakestomorrow’ssolutionsavailabletoday.PowerCellSwedenAB(publ)StatementbytheCEO..........................2developsandproducesfuelcellstacksandsystemswithuniquehig

2、hpowerdensity,forstationaryandmobileapplications.Marketanalysis....................................4Marketoffering.....................................6PowerCell’sproductsarepoweredbypureorreformedhydrogenandgenerateelectricityandheatwithoutanyothere

3、missionsthanwater.Ourtechnologytocreatereformedhydrogenfrome.g.biogas,naturalFuelcelltechnology............................12gasordieselisenergyefficientandenvironmentallyfriendly,andPowerCell’sproductportfolio........14considerablyreducesemissionsan

4、dfuelconsumptioncomparedtoExpertiseandassets.........................16traditionaldieselmotors.Theshareandhistory........................18PowerCellwasfoundedin2008asanindustrialspin-outfromtheVolvoGroup.Since2014thecompany’sshares(PCELL)havebeenBoar

5、dofdirectors’report...............22listedonNasdaqFirstNorthStockholm,withG&WFondkommissionNotes.....................................................28asCertifiedAdviser.Auditorsreport..................................33Boardofdirectorsandcompanymana

6、gement...........35MissionOurMissionistoSavethePlanetbyofferingefficientenvironmentallyfriendlypowerproductsandsystemswithleadingfuelcellandreformertechnology.VisionTobetheworld’sleadinginnovativefuelcellcompanyby:•Creatingvalueforcustomersinselected

7、segments•Developinginnovativeproductsandsystemsforexistingandfuturefuels•ProvidingeffectiveproductswhichreduceenvironmentalimpactCorevaluesQuality•Safety•EnvironmentalCareCompanycultureTrust•Courage•PassionPowerCell’semployeesareanextraordi-naryteamw

8、hocontributetocreatingfuturebusinessandsolutionsforamoresustainableworld.1,964MSEKMarketcap,Dec302017iiPOWERCELLSWEDENABThisisPowerCellImportanteventsin2017VehiclesMarineOthers•FinaldecisionfromtheGermanauthori-•ObtainedanEUgrantofEUR982,000•Establis