myFC’s Michael Glantz comments on recent market and company developments.
“A number of major decisions regarding our financing, executive management and the board of directors have now been announced and implemented, which means I have the opportunity to return in an Executive Brief. I have been looking forward to that. Our newly elected Chairman of the Board Ulf Henning will shortly publish a Board Brief, so I leave it to him to comment on our financing and recent ownership changes.
With the arrival of spring comes changes in my management team. In two weeks, I will welcome Mattias Kirvesniemi as our new CFO. Ulf Henning will finally be able to step down from financial responsibility. Ulf has remained in the CFO role for more than six months after announcing his retirement from the operational work. His loyalty has allowed us to maintain continuity and ensure a smooth handover to Mattias, and for this I am very grateful.
During these months the need for a new Chairman of the Board arose, and no one is happier than me that Ulf accepted the nomination. I have relied on Ulf's competence and deep knowledge of myFC during our time as colleagues and I look forward to continuing the strategic collaboration as the operational work now ends.
It has been a year since the outbreak of the Covid-19 pandemic, affecting us and everybody else. Our commercial discussions are progressing but getting to a resolution takes longer. It is harder to establish cooperation when you can’t meet in person, no matter how great the digital tools have become. And with a global economy in constant turmoil, everything simply takes longer than usual. However: we have not lost momentum in our lab work, quite the opposite. We have adapted workplaces and working hours to be able to safely maintain distance and at the same time work efficiently. As I mentioned in the year-end report, the lab work has yielded results in the form of technological leaps, possibly the biggest leaps we have made so far as a company. I would like to describe them in a little more detail.
Our technical solution already has very high energy and power density, in other words a high relative ability to store and generate energy compared to our competitors and today's battery technology. This year, we have made technological advances in the energy density of our overall system, which is on par with or better than today's lithium-ion batteries. This is of particularly great value in the applications we are looking at, as high energy density and a well-balanced system are both required.
Our patent portfolio continues to grow, which is external proof of our technological progress. In just the past few months we have had patents approved in Brazil and India, and most recently two completely new patents for optimized power balance between fuel cell and battery were approved here in Sweden. These innovations are already in use, including in the customer applications we are looking at. These are, again, applications where the balance between battery and fuel cell makes our system very cost-effective by increasing up-time and where the lifespan of the total system is increased by 2-4 times. With our fuel cell system, we also make hybrid systems between batteries and fuel cells available for environments where battery-only solutions have difficulty functioning satisfactorily, such as in cold rooms and other environments where the temperature is low. A large and rapidly growing market that we are working towards is electrified warehouse robots, AMR and AGV. In this market, we see great opportunities and a very good match for our modular and scalable technology.
We have gained important knowledge in our ongoing projects, such as the exact power needs for different vehicle categories. The similarities are far greater than the differences, whether it is electric bicycles, mopeds, tricycles and smaller quad bikes, or support systems such as heating and cooling in larger vehicles. When I speak of the greatness of our modular, flexible design, what I am specifically getting at is that we can use the same core technology and easily scale it up and down. This is an absolute differentiator and unique selling point. Our technology can literally be adapted to the vehicle's power requirements and space availability for energy storage and generation.
Our development projects financed by the Swedish Energy Agency have, in addition to confirming that we have a well-positioned offering, also reminded us that we have fantastic employees with highly specialized and sought-after skills. And now that we see a market development that is becoming more favorable for us, we will need more colleagues. We are constantly looking for specialist expertise in fuel cells, electrochemistry and electronics, so if you have someone in your contact network – ask them to contact me.
Market development, then. Things are moving fast now. You can’t open a finance, technology or sustainability publication today without reading about hydrogen operation. This change has come about in just the past few years. There is now broad political and industrial consensus on the crucial role of hydrogen in securing green and cost-effective energy. Large investors regard hydrogen as a path to growth and export success – just look at the news that a completely new factory for hydrogen-powered production of fossil-free steel will be built in northern Sweden. We are working continuously to broaden our competence network and partnerships in current and adjacent industrial segments, where we of course see hydrogen production and storage as a game changer. We have a highly competent, growing industry and knowledge bank in Sweden that we will nurture, develop and collaborate with.
The realization that batteries and existing infrastructure will not be able to meet the energy and power needs of an electrified, digital world is spreading among decision-makers and investors. With that insight, the pace of change increases. And here we are: myFC is an established player, known in international fuel cell circuits with an extensive patent portfolio and a unique flexible technical solution that can solve so many problems in a world where hydrogen systems are now being put in place."