GOTHENBURG, Sweden (Nov. 24, 2014) – Nordic fuel cell technology provider PowerCell Sweden AB expands its international business operations into Asia. PowerCell Korea Inc. has been established in the capital Seoul.
“We see a high potential for our solutions in South Korea and the rest of the Asian market,” said Magnus Henell, CEO, PowerCell Sweden AB.
South Korea, a buoyant market for fuel cells, is an important market for PowerCell Sweden. South Korea has well-defined targets to decrease energy consumption and is embracing plausible solutions for renewable energy sources. South Korea already dominates installations of fuel cell units with high power output, and this leading position was strengthened when the world’s largest fuel cell park opened at Hwasang in early 2014.
The fuel cell market has been sparked by government subsidies under the 1 Million Green Energy House Project in South Korea by Korea Energy Management Corporation (KEMCO), and, from 2015 to 2020, the market for independent 5kW to 25kW fuel cell systems is anticipated to grow rapidly. This is the main target market for PowerCell and its all-new generation S2 stack with a scalable power output ranging from 5kW to 25kW.
In South Korea, both Hyundai and Kia Motor Group are bringing fuel cell-powered vehicles on the market, which will further enhance a solid commercial increase in demand for fuel cell technologies.
PowerCell is an energy technology company that develops and distributes advanced fuel cell systems for the transport industry, the telecommunication industry and the military sector.