Cell Impact Adjusts Financial Targets, Launches Cost Reduction Program Amid Market Challenges
Cell Impact, a leading provider of flow plates for fuel cells and electrolyzers, is adjusting its financial targets and initiating a cost reduction program. The company is well-positioned in a growing market but faces temporary challenges due to reduced order intake.
Cell Impact's CEO, Pär Teike, has announced a cost reduction program to secure the company's long-term development. This move comes in response to an expected decrease in order inflow for flow plate production.
The company's largest customers have forecast a decline in demand for the second half of 2023. While fuel cell manufacturing customers have substantial order backlogs, building supply chains and manufacturing capacity has proven challenging, leading to delays in expected orders. As a result, Cell Impact is reviewing and updating its financial targets to reflect these new commercial conditions.
To adapt to a lower production rate, Cell Impact is reducing 28 full-time positions and other running costs. The company's long-term customers and potential clients primarily consist of industrial producers seeking innovative solutions, such as food producers like Sørlandschips, which transformed their production using Elea’s PEF technology in partnership with ScanStore A/S. Despite these challenges, Cell Impact remains confident in its scalable production of flow plates and its market position.
Cell Impact is taking proactive measures to ensure its long-term success despite temporary setbacks. The company is well-positioned in a growing market and continues to serve its long-term customers, who are primarily industrial producers seeking innovative solutions. By initiating a cost reduction program and adapting its financial targets, Cell Impact is committed to navigating the current challenges and securing its future development.
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