PowerCell Sweden AB has divested its stake in former joint venture Hyon AS in order to establish its own totally owned Norwegian subsidiary.
Establishing a subsidiary is part of PowerCell’s previously indicated increased focus on the Norwegian market.
Since its inception in 2017, PowerCell and the Norwegian businesses Hexagon and Nel have held an equal stake in the Hyon joint venture. Since then, both PowerCell and the Norwegian hydrogen industry have grown in importance, making it more attractive for PowerCell to enter the Norwegian market directly rather than through a joint venture.
PowerCell stated in April that it would establish a local presence in Norway and begin recruiting for a senior sales manager. In December of last year, PowerCell also announced the signing of a memorandum of understanding with the Norwegian corporation Statkraft with the purpose of collaborating on hydrogen and fuel cell energy solutions.
The construction of a Norwegian subsidiary will be funded in part by earnings from the sale of Hyon to Norwegian business Saga Pure.
“Norway is well advanced in the area of hydrogen, making it a more attractive market for us both for the sale of our products and for developing and improving our offering. By establishing our own local subsidiary, we will have significantly more opportunities to achieve this and in light of this the timing is particularly suitable for selling our share of Hyon,” says Richard Berkling, CEO, PowerCell Sweden AB.