Redeye is encouraged to see Powercell’s strong business momentum. The pipeline of projects and orders looks increasingly promising and the recently announced MoU with ZeroAviation for serial production of fuel cell stacks is potentially a major step forward. We are however reassessing our valuation following rising interest rates and a bit more cautious assumptions for sustainable profitability. Our fair value range is now lower, and our Base case scenario indicates a fair value around SEK 150 per share (previously: SEK 200).