Opcon to Develop Entirely New Component for Fuel Cell Vehicle

STOCKHOLM, Sweden--Regulatory News:

SRM, a company within the Renewable Energy business area of the energy and environmental technology Group Opcon AB (STO:OPCO) has received an order from a major automotive manufacturer to develop a prototype for an entirely new and unique component for fuel cell vehicles.

A fuel cell vehicle is driven by a chemical process in which hydrogen reacts with the oxygen in the air. The result is an electricity-powered vehicle with zero emissions. In addition, total efficiency of a fuel cell system is substantially higher than a traditional combustion engine.

SRM will develop a compressor that will re-circulate hydrogen in the fuel cell, thereby further increasing the efficiency of the process. This is a completely new application in addition to the air modules that Opcon Autorotor has delivered since the early 90’s in order to provide fuel cells with air. Not only the customer, but also SRM will have the rights to the developed prototype compressor.

“This is a smaller initial development order worth almost 15 million SEK, but the project as a whole involves potential future development orders with much higher values, along with future manufacturing for the same strategic partner. Furthermore, it represents a very strategic opportunity to broaden our product portfolio in the fuel cell segment”, says Opcon CEO, Rolf Hasselström.

”We are currently seeing increased interest from automotive manufacturers in fuel cell technology. With our knowledge of energy and environmental technology, in combination with our experience with compressor solutions for fuel cell vehicles, we see several interesting opportunities in this development”, says Opcon CEO, Rolf Hasselström.

About Opcon

Opcon is an energy and environmental technology Group that develops, produces and markets systems and products for eco-friendly, efficient and resource-effective use of energy. Opcon has activities in Sweden and China. There are around 380 employees. The company’s shares are listed on OMX Nordic Exchange. The Group comprises three business areas: Renewable Energy focuses on generating electricity from surplus heat, systems for handling natural gas and air systems for fuel cells. The business area comprises the following subsidiaries: Svenska Rotor Maskiner (SRM), Opcon Energy Systems (OES), Opcon Autorotor, REF Tech, Mitec and Svensk Rökgasenergi (SRE). Engine Efficiency focuses on ignition systems for combustion engines including ethanol, natural gas and biogas engines. The business area comprises the following subsidiaries: SEM, Opcon Technology Suzhou, Lysholm Technologies, Laminova and Opcon Inc. USA. Mobility Products focuses on technology for positioning, motion and regulation for electrical vehicles and electrical wheelchairs. The business area comprises the REAC subsidiary.