© myFC General | June 12, 2019
myFC streamlines operations after strategic review
The Swedish company says it will refocus its operations, shutting down the development of its own consumer products – something that will affect both employees and consultants.
Back in May of this year, myFC's board of directors commissioned CEO Peter Friedrichsen to carry out a strategic review of the company, its technology, and product and development projects. The need to adjust operations arose as the spring’s rights issue generated less capital than expected. As a result of this the board has decided that myFC's operations are to be focused on sales of technology and know-how to companies. The development of myFC’s own consumer products – including myFC's powerbank JAQ Hybrid – will be shut down and existing orders of JAQ Hybrid will not be delivered. This decision is made based on the fact that myFC lacks the necessary capital to establish and maintain an infrastructure for the sale of consumer products. “We are streamlining our operations based on our core strengths and competitive advantage: our small and thin fuel cells that are modularly scalable into larger energy modules and therefore possible to adapt for integration into other companies' products. There is a market need to complement batteries in the increasing number of electrified products. This entails a new business model for us, but a well-known business model for the market segments and customers we are targeting. It increases our relevance for product companies in the smartphone and automotive segments, which need a sustainable alternative to pure battery operation,” explains Peter Friedrichsen, CEO of myFC, in a press release. The revised strategy requires an organisational adjustment for myFC, where tasks will primarily be the continued development of the company's proprietary technology and the adaptability to other companies' products. These adjustment will affect both employees and consultants, and negotiations with involved parties will begin immediately. The purpose of the cost reduction is to provide myFC with at least one year of sustainable operation with existing funding.