PowerCell Shares Plummet Amid Technology Performance Allegations

PowerCell stock crashes after SVT questions its tech. The firm counters, citing 500k+ hours of field data, new certifications, and a major EU maritime project win.

Shares of PowerCell Sweden experienced one of their most severe single-day declines in recent history, plummeting nearly 24 percent during the trading session on March 9, 2026. This dramatic sell-off was triggered by a report from Swedish public broadcaster SVT, which cast doubt on the company's ability to meet customer obligations with its current fuel cell technology.

Company Counters with Data and Development Timeline

PowerCell responded swiftly and in detail to the allegations, which were reportedly based on anonymous sources and internal technology test documents. The firm clarified that the tests referenced in the SVT report concerned hardware that is two generations old and has since been entirely replaced by more advanced versions. Furthermore, PowerCell stated it has implemented completely new manufacturing processes since that time.

Chief Executive Officer Richard Berkling bolstered the rebuttal with specific operational data. He highlighted that PowerCell, in collaboration with its industrial partner Bosch, has accumulated over 200,000 hours of testing and more than 500,000 hours of real-world field data. Bosch is responsible for the industrial manufacturing of core stack components for PowerCell's product platforms.

Certifications and Strategic Wins Cited as Evidence of Maturity

In its defense, the company pointed to its evolution from a research-focused entity to an industrial-scale series producer. Its products now hold type approvals from international classification societies and quality certifications under the AS9100 standard, a benchmark particularly stringent within the aerospace industry.

The fuel cell developer also recently secured a strategically significant contract, serving as a counterpoint to the criticism. PowerCell is a participant in the EU-funded MiNaMi project, which has a total budget of seven million euros. The initiative aims to develop Europe's first megawatt-scale fuel cell system for maritime shipping, targeting operational lifetimes of up to 80,000 hours. The company is slated to receive approximately 2.6 million euros from the project by 2028.

Financially, the company's 2025 revenue growth offers a positive signal, having increased by about 15 percent to just under 385 million Swedish kronor.

Investor Confidence Hangs in the Balance

Despite the substantive response, PowerCell's equity continues to trade near its 52-week low. Since the start of the year, the share price has collapsed roughly 45 percent, significantly underperforming both the broader Swedish market and the domestic electronics sector.

The company's comprehensive reply, grounded in measurable data, presents its case. However, the ultimate test for restoring investor credibility is likely to come on April 23, 2026. During its first-quarter 2026 earnings presentation, PowerCell will have its first formal opportunity to address the technology debate directly within a structured investor forum.