PowerCell Sweden Shares Plummet Following Critical Media Report

PowerCell Sweden stock fell 27% after a critical SVT report. The company rebuts claims, citing new tech and a major EU maritime fuel cell project with ABB and DFDS.

A recent investigative report by Swedish broadcaster SVT has triggered significant investor unease surrounding PowerCell Sweden AB. The core allegation suggests the company's fuel cell technology may be failing to meet customer performance expectations. In response, PowerCell's leadership has issued a firm rebuttal, claiming the critique relies on outdated information.

The television documentary, which cited anonymous sources and internal documents, prompted a sharp sell-off. Market reaction was severe: the stock's value declined by nearly 27% over the past week, closing at just 1.54 euros in the latest session. This drop extends the year-to-date loss for shareholders to more than 44%.

Company Leadership Issues Detailed Rebuttal

Management at the Gothenburg-based firm was quick to publish a comprehensive response. According to the company, the broadcaster's criticism is based on testing hardware that is two generations old and has long been replaced. PowerCell asserts it has fundamentally overhauled its industrial processes since that time.

To substantiate the current reliability of its products, the company points to an extensive data foundation. The present generation of systems is backed by over 200,000 hours of testing. Furthermore, half a million hours of real-world operational data have been accumulated in collaboration with industrial partner Bosch, which is responsible for series production of key components. PowerCell also emphasized its successful transition in recent years from a pure research organization to a commercial industrial entity.

Strategic EU Funding Provides Counter-Narrative

Amid the media controversy, a positive strategic development has been somewhat overshadowed. The company recently secured participation in the EU-funded "MiNaMi" project. Through 2028, PowerCell is set to receive approximately 2.6 million euros to collaborate with partners including ABB and DFDS on developing a megawatt-scale fuel cell system for maritime applications. The project targets an exceptionally long operational lifespan of up to 80,000 hours.

On the operational front, PowerCell reported that its revenue for 2025 increased by just over 15% to nearly 385 million Swedish kronor. Despite this top-line growth, the company continues to report a net loss.

The immediate priority for PowerCell is now to conclusively demonstrate the technological maturity of its systems. A critical factor will be the successful execution of the new EU maritime initiative, aiming for market readiness by 2028. This project is viewed as a key opportunity to prove the capabilities of the current system generation in demanding real-world conditions.