Volvo venture raises USD25m for fuel cell project

Tue Jul 7 2009, 09:56 AM

Powercell Sweden, a subsidiary of Volvo Technology Transfer, is receiving SEK200m (USD25m) from the Swedish Energy Agency (SEA), Midroc New Technology and OCAS to accelerate fuel cell development. Volvo will retain a minority stake in the firm. The SEA’s participation in the funding comprises a three-year SEK30m (USD3.8m) loan.

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