Quarter july – september 2021
• Net sales amountes to 0,2 million (0,0)
• Operating profit amounted to -4,8 million (-11,0)
• Earnings per share amounted to -0,03 (-0,07)
Significant events July to September
• myFC signs agreement with leading European OEM – evaluation of fuel cell solution for automated warehouse robots (AGV)
• myFC signs cooperation agreement for technical development with global bicycle system manufacturer from Japan
• Patent in India enables a large future market for myFC's technology
Significant events after the period end
• myFC receives order for Proof-of-Concept project for automated warehouse robot from Porsche Leipzig GmbH
Comment from CEO Michael Glantz:
"I am very happy and pleased that our strategy in business to business (B2B) has started to bear fruit. In the prioritized segments, soft mobility and intralogistics, we have had significant breakthroughs with assignments from large global companies.
At the end of the second quarter, we received an order from a Japanese company in the soft mobility segment, one of the most well-known manufacturers of bicycle systems with a worldwide market, which we have worked actively with during the past quarter. In the ordered development project, we will replace most of the battery in their e-bike system with fuel cells and a hydrogen tank with the purpose to create a lighter bike, but with the same dimensions and a much faster alternative for refueling than electrical charging. The project represents a very large potential for our technology to make a global impression in the soft mobility segment, which among other things consists of e-bikes, cargo bikes and last mile delivery vehicles.
A new important achievement for the company came in August, this time in the form of a cooperation agreement with a very well-known European OEM, which after the end of the period led to a development project. Our fuel cell technology will be evaluated for integration into automated warehouse robots (AGV), where the solution would offer several advantages – such as radically increased operating time, reduced need for warehouse space and lower investment costs – when fewer robots are needed to run the business around the clock.
After the end of the period, we have published information about a development project for Porsche Leipzig GmbH. This project also has great potential in a very interesting global market. I am looking forward to this important collaboration with Porsche and their supplier of AGV:s. The intralogistics market is growing rapidly with increasing investments and green sustainable investments, driven by the accelerating field of e-commerce. Our patented technology with flexible micro fuel cells solves a number of problems for the segment, both technological and economic.
According to myFC's previously presented market analysis, the potential market for the company – fuel cell systems for AMRs, AGVs and warehouse trucks – will reach USD 100 million within three years. In 2028, the market for hydrogen-powered fuel cell modules for intralogistics, trucks and robots is estimated to reach a total value of USD 1.5 billion, where specifically small and low power modules will have a value of USD 400 million.
Everyone who has been through a radical organizational change knows that it is a task that takes time. One and a half years ago, we made a strategic move where we left the consumer market to focus on business to business (B2B). Now the new structure has been settled and we are beginning to reap the benefits of the change, which has led to business deals that are a step towards full commercialization of our technology.
Our technology contributes to sustainability, green adaptation, it reduces the climate footprint, creates increased competitiveness and right now we can see that our offer is receiving attention from interesting companies in our priority segments.
I see a very positive future for the company, both in the short and long term."
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 22-10-2021 08:00 CET.