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myFC Holding AB (publ) interim report January – March 2021

Quarter January – March 2021

  • Net sales amounted to SEK 0 (0)
  • Operating profit amounted to SEK -9,9 million (-10)
  • Earnings per share amounted to SEK -0.06 (-0,07)

Significant events January – March

  • myFC participates in concept study for small vehicles with the Swedish Energy Agency
  • Mattias Kirvesniemi appointed CFO of myFC
  • Two new Swedish patents granted to myFC which optimize the power balancing between fuel cell and battery
  • Ulf Henning elected new Chairman of the Board of myFC

Comment from CEO Michael Glantz:

During the quarter, we continued our discussions within the soft mobility sector, that is vehicles such as electric bicycles, scooters and quad bikes. These conversations are promising and I hope to provide results soon. We have many good dialogues, but as I have mentioned earlier; the pandemic undeniably makes for more lengthy processes.

E-bikes and similar soft mobility vehicles are without a doubt one of our prioritized segments as the players in this fast-growing sector find the modularity and flexibility we can offer very attractive. Another priority segment is intralogistics. Small and flexible solutions are required here too, as they have no use for large, prismatic and stacked fuel cells. We have deepened our dialogues also in this area during the past quarter.

Intralogistics is the technology used in large warehouses in the form of automated robots (AMR and AGV) and smaller trucks. This is a segment that is experiencing rapid growth. The flexibility and modularity of our technology is attractive, just as in the soft mobility segment, but we can address additional pain points in a cost-effective way. Uptime is a big challenge in the industry: robots that are idle while charging translate to reduced revenue – one of our prospective customers even phrased it as "robots only cost money when they stand still". With our system, robots refuel instead of recharge and can therefore be in continuous operation. Space is another pain point: warehouses are built to store goods, not to house charging infrastructure. When less charging infrastructure is needed, valuable space is freed up. The increased uptime enables a reduction in total number of robots, as no robots and trucks are left idle while charging.

The cost then? Fuel cell technology has traditionally been considered expensive, but this is no longer true. Looking at total cost of ownership, fuel cells are in fact a highly attractive complement to lithium-ion batteries. With reduced investments in charging infrastructure and increased operating time, the return on investment of the systems we offer is easy to calculate.

Availability of hydrogen is a prerequisite for the success of fuel cell systems. Over the past year, we have worked diligently to find hydrogen partners to show that we can offer a closed system that includes the production and storage of hydrogen as well as the conversion of hydrogen to energy through our fuel cells. We have ongoing talks with several hydrogen manufacturers of various sizes.

Another significant event during the quarter was the change in our ownership structure and as a result in our board. As previously announced, Alex Guy has acquired all shares in H119, which remains our main owner. Helvetican International's involvement in myFC has thus ended. And Ulf Henning has been elected new Chairman of the Board. I am grateful to have a very good collaboration with, and support from, our board and our main owners.

 


This disclosure contains information that myFC is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 23-04-2021 08:00 CET.