Interim Report Q1 2023


Growth of 68% and positive cash flow

PowerCell continued its good progress in the quarter with strong growth of 68% to SEK 50.5m and a high, stable gross margin of 37.9 percent. Operating cash flow amounted to SEK 11.6m. This strong development clearly shows the positive effects of PowerCell’s investments in industrialization.

PowerCell’s most important commercial success in the quarter was the contract covering deliveries of hydrogen solutions to two ferries that will operate in Norway for the Norwegian Road Administration. This is the world's largest hydrogen project to date in the marine industry and PowerCell’s contract is worth a total of EUR 19.2 million.