Morphic Technologies rationalization to focus on fuel cells, wind

Swedish-based Morphic Technologies has initiated a restructuring program, to focus on the group’s core businesses of wind and fuel cells.

As a result, the Dynamis material handling systems business has been sold to Binar AB. The sale is expected to have a marginally positive impact on Morphic Technologies’ financial position.

The global economic downturn has necessitated rationalization measures in Morphic’s other non-core businesses. The group has made 30 employees redundant following the rationalization measures – bringing the total to about 200 – and further redundancies cannot be excluded. A process aimed at the sale of the subsidiaries Aerodyn and Finshyttan Hydro Power is under way.

The company has initiated a dialog with industrial and financial partners with the aim of ensuring a successful expansion and exploiting the full potential of Morphic’s wind business. The company aims to complete this process in 2009.

The Morphic Fuel Cells division currently comprises Cell Impact, whose main business is the production of flow plates for fuel cells and heat-exchangers, as well as taking responsibility for the group’s fuel cell operations; Greek-based Helbio, which makes reformers running on fuels such as ethanol and biogas; and Exergy Fuel Cells in Italy, which develops and manufactures PEM fuel cell systems for stationary energy systems and standby generators. In addition, Swiss-based AccaGen is a leading producer of electrolyzers.

The Morphic Wind business unit comprises the development and manufacture of turbines, the manufacture of towers and other components, and associated services. Operations are conducted through DynaWind and ScanWind, which is part-owned by Morphic.

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Energy storage including Fuel cells  •  Wind power