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Fri 17 July 2009 View all news
The Volvo Group has teamed up with the Swedish Energy Agency and international corporations Midroc and OCAS to invest £15.7million in the development of fuel cells - a move that is expected to create around 100 new positions in the Gothenburg region over the next three years. The joint investment will be in fuel cell developer PowerCell Sweden AB, based in Gothenburg. PowerCell is developing auxiliary power units utilising PEM fuel cells, for use in trucks. Powercell Sweden is currently owned by Volvo Technology Transfer but following the investment, Volvo will be a minority owner. Powercell Sweden AB has two patented components - a fuel converter and a PEM fuel cell - the type of fuel cell used most frequently in transport applications. The converter produces hydrogen gas from biofuels including ethanol, biogas, biodiesel, methanol and DME.
Midroc New Technology develops and invests in future technologies within the clean tech and biomedical sectors. OCAS is a materials research center based in Belgium.
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