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PowerCell (Volvo Group spinout, founded 2008, HQ Gothenburg) develops PEM hydrogen fuel-cell stacks and complete systems, sold across five customer segments: aviation, marine, power generation, off-road and on-road.
GLEIF (LEI 54930075IJ7TGOK3VC02) reports no parent on file -- expected, since even the largest shareholder (Bosch, ~11.2-11.3%) is well short of control. Bosch first acquired its stake (11.3%, 5,848,531 shares) in 2019 by buying out Midroc New Technology's holding (Bioenergy International); the dossier's 11.2%-as-of-2025-12-31 figure is AR2025's own related-party disclosure and is consistent with that 2019 baseline. Per PowerCell's 2025 AGM Nomination Committee notice, the other two shareholders large enough to seat a Nomination Committee representative are Axon Partners (rep. Jesus Martinez Motilva) and Per Ekdunge (self-appointed) -- exact stake percentages for these two were not disclosed in the sources checked this pass, flagged rather than guessed.
Named counterparties identified by open-source research and written only where a primary source states the relationship — never inferred from sector or co-mention. 1 supplier, 3 customer-side. This is a partial view: it covers the relationships we could evidence, not the company's full supply base.
Triple relationship: (1) since 2019-04-29, exclusive automotive licensee of the S3 stack design (EUR 50m+ per-unit royalties); (2) since 2023-06-02, contract manufacturer -- Bosch now makes finished S3 stacks and supplies them TO PowerCell's Gothenburg facility, inverting the original licensor/licensee direction; (3) principal shareholder at 11.2% (31 Dec 2025) with a board seat -- related_party: true reflects this equity stake, distinct from the commercial relationship. Corpus link: bosch. share_pct/share_of figures confirmed against the FY2025 year-end report (2026-09-28); source_url corrected to that report -- the 2019 JDLA press release cited previously does not contain FY2025 financial figures.
Serial-delivery contract, up to SEK 1.51bn / 5,000 stacks (0.5 GW) of 300 kW 'superstack' modules for a 600 kW aviation powertrain, conditional on certification. Aviation is one of PowerCell's five customer segments alongside marine, power generation, off-road and on-road (the last addressed via Bosch).
EUR 19.2m order, Marine System 200 units (~13 MW total) for two hydrogen ferries on the Bodo-Lofoten route. The press release states Torghatten Nord and PowerCell 'intend to enter into' a long-term service agreement -- it does not specify a term length; the '15-year, through 2040' figure in an earlier version of this note was not supported by this or any other source checked (wake-verify, 2026-08-22) and has been dropped rather than left standing.
Scope. Absence of a counterparty here is not evidence that none exists — most commercial sourcing is confidential and never becomes public. Rows without a share figure mean no share was disclosed, not that the relationship is small.
Another tracked dossier names this company as a counterparty in its own sourced disclosure — this platform never wrote these rows on this company's own page, they are read here inverted from the dossier that disclosed them. This is a partial view: 990 additional named-counterparty rows across the corpus could not be matched to a tracked dossier by name at all (mostly non-Latin legal names), so the true count is higher than what renders here.
ROLE INVERTED OVER TIME — the reason this row is `both`. 2019: PowerCell licensed the S3 stack design to Bosch (EUR 50m plus per-unit royalty, exclusive for automotive for seven years from SOP), making PowerCell the technology origin of the Bamberg stack. 2023: the flow reversed — Bosch manufactures and delivers finished 100 kW stacks TO PowerCell's Gothenburg facility, making PowerCell a customer. A single-vintage read would mislabel this relationship in either direction. Corpus link: powercell-sweden.
Scope. This section is inverted evidence: each linked dossier wrote the original row about itself, describing its own relationship to this company. It is never a claim this company itself disclosed. Absence here is not evidence of no relationship — most of the corpus has no named-counterparty block at all yet.
Every exposure is read as a buyer dependency; the top 1 are its binding chokepoints.
As a buyer, policy pressure across its consumed materials is coverage-limited.
Descriptive trend in official policy actions on this company’s materials — a policy-pressure trend, not a price or trading signal. No forward probability is implied. Direction is measured on actions we have discovered, and discovery lags events: where the recent window is too thin to support a calm reading, the row says coverage-limited instead of easing.
No actions in the register have named or swept this company in the last 24 months.