Press Release

myFC signs agreement with leading European OEM – evaluation of fuel cell solution for automated warehouse robots (AGV)

The Swedish fuel cell company myFC has entered into an agreement with a leading European OEM, focusing on the development of fuel cell solutions for automated warehouse robots, AGVs. The agreement concerns a study and evaluation of whether it is possible to drive AGVs with myFC's patented hybrid solution for fuel cells in combination with batteries. The agreement forms the basis for the next commercial step for myFC.

For myFC, the agreement is an important strategic step in the prioritized segment of intralogistics. According to lab tests, myFC's patented hybrid solution for fuel cells in combination with batteries provides significantly longer operating time for AGVs compared to conventional battery solutions for automated trucks.

The increased operating time means that the number of storage robots can be reduced while maintaining productivity. Combining battery operation with fuel cells also makes the driveline less vulnerable in environments with lower temperatures, for example in food handling.

The hybrid solution also extends the life of the batteries, which reduces the operating cost of the AGVs. Hydrogen operation in itself reduces the climate footprint of the companies.

myFC's patented technology with thin, modular, and scalable fuel cells – which differs from the stacked fuel cells that are common on the market – is well suited for applications with tight spaces and the need for formability, where automated warehouse robots are an area where myFC has a clear competitive advantage.

According to Michael Glantz, CEO of myFC, the global logistics industry is facing a transformation and is investing in sustainable automation as part of increasing competitiveness through efficiencies, while ensuring product quality.

"We see that the degree of automation will increase further in that industry, as part of the industrial transformation with a focus on sustainability that the entire mobility industry and our entire transport system is undergoing," says Michael Glantz.

The agreement means that myFC has found a strong partner for the development of the fast-growing intralogistics industry and its sustainable applications for warehousing and goods handling.
 – I have great confidence in that this now written agreement will lead to a commercial agreement, says Michael Glantz.

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 05-08-2021 10:00 CET.