The Alarms from Inside Powercell: We Know, the Technology Doesn't Work
Secret documents and inside sources reveal problems with Swedish fuel cell company Powercell's acclaimed hydrogen technology, SVT and NRK write in a joint review.
Among other things, internal tests show that the lifespan of the products is significantly shorter than what the company has stated to customers. A source says that "we know that the technology doesn't work".
- It's a fraud, it was reported from inside, but the management covered it up, says a source to SVT.
Powercell believes that the lifespan of the fuel cells is 33,000 hours. The internal documents show up to 3,000 hours.
When Powercell is asked about the matter, they say that SVT's data is not representative. The systems have been updated, the company writes in an email.
Powercell scam alert
Powercell's response: "Unfounded speculation"
The fuel company Powercell is defending itself against SVT and NRK's information that employees have reported scams and batteries that last significantly shorter than promised.
"We are completely confident that we will live up to customer expectations and agreements made," writes Andreas Bodén, technical director, in an email.
He believes that the lifespan of fuel cells is not a static figure, but depends on the operating profile, system optimization and service. Regarding claims that the problems still persist, he says that these are "unfounded speculations".
Powercell's share collapsed after SVT's review
Powercell's share fell wildly after SVT and NRK's review, where employees call the company's technology a fraud.
According to the review, internal documents show major problems with the technology and employees call the products a "scam".
After lunch, the stock was down 34 percent. At the close, it had recovered somewhat, but still ended down 24 percent. A hard blow to the fuel cell company's shareholders, who have seen their shares decrease in value by over 90 percent since their peak in 2021.
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