REDDITCH, England, July 24, 2023 /PRNewswire/ — Concentric has been awarded a strategically important prototype order for its high voltage electric fans by a market leading major OEM, who is extending its operations into the development and manufacturing of mobile and stationary hydrogen electric power generation. This business nomination, valued in excess of 1 million SEK, serves as a testament to the Concentric’s market leading technology and the pivotal role it plays in the ongoing green transition. This new business nominations for the company, highlights the growth experienced by Concentric in the field of energy systems, a key focus area highlighted in the recent Capital Markets Day.
The strategic importance of this prototype order extends beyond its immediate financial value, signifying Concentric’s successful venture into a market with high potential for sustainable energy generation. By working closely with an industry-leading OEM, Concentric will not only strengthen its position within the energy systems market, but also contributing towards a broader shift to sustainable power sources. According to a recent report by Markets and Markets, Hydrogen power has emerged as a clean and sustainable alternative to traditional fossil fuel-based generators and the global hydrogen power generation market is expected to grow at a CAGR of 10.5% from 2022 to 2027.
“This award underlines our commitment to grow our existing, technologically leading products in energy systems. This new end market has similar application requirements as the markets we traditionally operate in and the integration of high voltage fans represents a significant advancement in the mobile hydrogen power sector. This innovation ensures optimal performance and improved operational efficiency, enabling the generator to meet demanding power requirements whilst ensuring optimal safety.” says Martin Kunz, President & CEO of Concentric AB.
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