Swedish venture capital firm Midroc rejoins clean energy firm Powercell as shareholder

A former large shareholder of Powercell Sweden AB (STO:PCELL), venture capital firm Midroc New Technology (MNT), has returned as an investor, acquiring a 4.1% stake in the Swedish fuel cell technology developer.

The interest was bought for an undisclosed amount from Finindus, a Belgian investment company owned by ArcelorMittal and the authorities of Belgium's Flanders region.

As a result of the deal, Finindus has cut its shareholding in Powercell to 3.9% from 8%, according to the statement.

MNT, which first bought into Powercell in 2008, began gradually cutting its stake in 2017. In November, MNT sold its entire holding in Powercell to German engineering company Robert Bosch.

Stockholm-headquartered MNT is the venture capital division of private investment firm Midroc Europe. The latter is part of the Midroc group, which is owned by Saudi-Ethiopian billionaire Mohammed Hussein Al-Amoudi.

Powercell, spun out of the Volvo group in 2008, develops hydrogen fuel cells and technology for the clean energy sector.

Shares in the fuel cell technology developer were trading 2.3% lower at SEK 148.4 apiece on Nasdaq Stockholm as of 1444 CET on Friday. The company has a market capitalisation of about SEK 7.7 billion (USD 812.4m/EUR 732.1m).

(SEK 1.0 = USD 0.105/EUR 0.095)

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