The forklift manufacturer DanTruck A/S and the company H2 Logic A/S have entered into a cooperation regarding development and commercialization of pollution-free hydrogen powered forklifts.

Pollution-free forklifts

The hydrogen-powered forklift releases no particles harmful to the environment and can improve the utilization of fuel compared to diesel and LPG forklifts. Hydrogen can be produced on the basis of renewable energy and can therefore completely remove the CO2 emission from forklifts.

Apart from the environmental effects of hydrogen in forklifts, there is also a financial advantage to the users. The improved grade of utilization compared to diesel and gas can reduce the operating costs and improve the environment at the same time.

Large niche market

Even though the great attention to hydrogen has been focused primarily on cars, the forklift market is an obvious niche market. As forklifts are used considerably more intensive than cars, a larger environmental effect and CO2 reduction compared to number of vehicles can be obtained. In the most intensively used forklifts, hydrogen in one forklift can remove CO2 equivalent to the yearly emission from eight cars. In addition to this, forklifts are often used in larger fleets in a small geographical area where hydrogen refuelling stations and infrastructure can be concentrated.

Even though the forklift market is a niche market compared to cars, the yearly world market for forklifts is more than 150 billion DKK. The business potential is also the reason for the development cooperation between DanTruck and H2 Logic.

Market introduction in 2010

Last year the first steps to the cooperation were taken where testing of hydrogen forklifts was carried out by end users in Denmark. At the moment DanTruck A/S and H2 Logic A/S are developing 2nd generation hydrogen forklifts expected to be introduced on the market 1st quarter 2010.

The above has no influence on previous announcement regarding expectations of 2009 and 2010, cf. stock exchange announcement no. 71/2009, dated 14th August 2009.

Statements

Mr. Niels Lauritzen, Managing Director of DanTruck A/S, says the following about the agreement: “Today DanTruck is one of the leading manufacturers in Europe when it comes to quiet and environmentally friendly forklifts. The use of hydrogen and fuel cells is therefore a natural step to us in order to maintain and develop this position. The agreement with H2 Logic is a unique and powerful opportunity for a close and effective Danish development cooperation.”

Mr. Jacob Krogsgaard, Director of H2 Logic A/S, says the following about the agreement: ”The ambition for H2 Logic is to be among the world’s three leading suppliers of fuel cell systems for forklifts. This requires a close cooperation with forklift manufacturers, and the cooperation with DanTruck A/S is the first important step.”

For further information please contact

Niels Lauritzen, Managing Director, DanTruck A/S, +45 2019 4775, nhla@dantruck.com