Powercell's hydrogen fuel cells were presented as a groundbreaking project for Monmouthshire, Wales' 'Meals on Wheels' vehicles to make them more climate-smart. The fuel cells were mounted on the vehicles' roofs and were intended to produce electricity to keep food warm during transport. Powercell described the project as a potential major deal in a press release in summer 2023, stating a framework agreement with British Colgar Energy, within the Vantastec group, could be worth up to 200 million kronor.
According to information to SVT, the plan was to equip up to 100 vehicles with the technology. The following year, Powercell communicated that a first order worth about 35 million kronor would be delivered during 2024 and 2025. However, according to information to SVT, the project did not develop as planned, with sources indicating the customer became so dissatisfied that the project was stopped after only one test unit was delivered.
Here we see the advantage of state incentives to stimulate demand in the market.
Powercell never publicly informed the stock market that the deal was terminated. Sverre Linton, chief lawyer at Aktiespararna, says such information should normally be communicated, and it could be a legal violation. Powercell stated in an email response to SVT that the framework agreement lacked guaranteed volumes and therefore the deal was not booked as revenue or order value in the company's accounts.
Powercell assessed that the eventually terminated collaboration with Colgar Energy did not constitute insider information. The company added that they respect that these assessments are fundamentally difficult and individuals may have different opinions in individual cases.
If one reaches a point where deliveries should have occurred and payment should have come in, but one only received a fraction of the money, then that is something one obviously should communicate.
Yes.