Contracts were signed based on false promises, according to about ten sources with good insight into the company. Internal documents show secret tests reveal the lifespan of PowerCell's products is far from what is promised to customers. Sources testify that employees have warned about deficiencies for years, that unfinished products have been rushed to market, and that problems have been deliberately concealed. With promises of 33,000 hours of lifespan, PowerCell won the deal for fuel cells for Norwegian ferries in 2023. Tests and internal documents, prepared after the contract was signed, show a lifespan of at best 3,000 hours—one-tenth of the promise. The company's own conclusion in the internal document states the system is not technically mature.
PowerCell's CEO Richard Berkling declines an interview, but he and the company's management respond by email that products have undergone extensive testing and validation, that they will deliver according to agreements, and that lifespan is linked to correct operation. The management dismisses the sources' criticism and states that they strongly reject claims of fraud. The company refers to the information SVT has accessed as not representative of today's products, as systems have been updated.
I assume that the stock exchange's market surveillance and disciplinary board will look at how the company has handled communication around this.
PowerCell is a billion-dollar listed company with thousands of small shareholders. Sverre Linton, chief lawyer of the Swedish Shareholders' Association, says he assumes the stock exchange's market surveillance and disciplinary board will look at how the company has handled communication around this. He adds that if true, the company may have given incorrect information that is material to the market, such as regarding products' capacity/lifespan, which could affect investors' willingness to invest. He believes the company may have misled both small shareholders and investors.
PowerCell is a Swedish listed company developing and selling hydrogen-powered fuel cells that generate electricity, founded in 2008 as a spin-off from Volvo Group, headquartered in Gothenburg with about 125 employees. PowerCell's hydrogen fuel cells have been sold for upcoming international climate initiatives and will soon power cruise ships being built in Italy and ferries in Norway's Lofoten.
If it is true, then one may have given incorrect information that is material to the market. For example, regarding products' capacity/lifespan. That is information that can affect investors' willingness to invest their money in the company.
I also cannot rule out that the Financial Supervisory Authority and the Economic Crime Authority may investigate both the company and individuals.