History of Hybricon
Hybricon Bus System AB (publ)
A consortium consisting of a group of investors and entrepreneurs started Hybricon Bus System AB (publ) in July 2013. Several of the employees of Hybricon Bus System has previously been employees of the development company. Jonas Hansson was appointed CEO of the new company, and concept creator Boh Westerlund was appointed chief technology officer.
July – December 2013: Hybricon focused on the completion of the bus that the development company has developed, HAW 12 LE, as well as establishing the facilities for the new business. In addition, talks with potential customers and national Swedish Energy Agency was conducted.
In January 2014, HAW 12 LE 001 was delivered to UKF. Since then, it has been operated as shuttle bus between Umeå airport and the city center.
In March 2014, Hybricon Bus System AB (publ) signed contract with UKF for the delivery of eight additional buses, of which three was 18-meter articulated buses with four-wheel drive. The construction of the world’s first 4-wheel drive articulated bus prototype began immediately and became the company’s primary focus during the year.
Intensive work with adaptation of the product for production suitability enabled the company to launch serial delivery in 2015.
The total contractual value with UKF amounts to MSEK 66 and a service agreement worth just over two MSEK annually for ten years.
During the extended financial year 1 July 2013 – 31 December 2014, the Company’s sales amounted to KSEK 26 670 and a profit after tax of KSEK -6 943. The number of employees at December 31, 2014 amounted to nineteen people.
In January, the owners and directors of the Company initiated preparations for a listing of the Company’s shares. The primary purpose was to secure more channels for funding for the expansion that the company plans. Hybricon Bus System AB (publ), was also considered to have a profile that would be appreciated by the capital market, which played a role in this decision.
An extraordinary general meeting was held on February 16, where it was decided to make the company a public company. A revised Articles of Association was adopted in connection with this.
On March 5, the Board decided to apply for listing of the Company’s shares on AktieTorget and to apply for registration of the Company and its share to Euroclear.
On March 23, at the Annual General Meeting, the annual report for the period 1 July 2013 – 31 December 2014 was established. At this meeting, Ulf Hartman and Martin Rogersson was elected as regular board members. Hartman and Rogersson are experienced industrialists, and provides the Board with valuable skills.
The first HAW 18 LE 4WD was delivered in the autumn of 2015, at the same time as pilot production of other buses started for delivery during early 2016.
The development company preceeding Hybricon Bus System AB (publ) is formed
In autumn of 2008, the world suffered yet another global oil crisis. Concept Creator, and then CEO, Boh Westerlund analyzed the market conditions to launch electric vehicles at a large scale. It was clear that electrification would solve many problems for today’s public transport.
A project is conducted together with UPAB (the Umeå Municipal parking company), where a number of Toyota Prius cars were converted to PHEVs.
Municipality of Umeå signs a contract with the development company regarding design of electrification of city buses.
In cooperation with the Dutch wheel motor company e-Traction, the development company converts two diesel buses to electric drive. At the same time, a 100 kW fast charging station is developed in cooperation with the Spanish company Opbrid SA. The buses and the charging station are delivered to Municipality of Umeå and is put into operation in the autumn of 2011.
The development company decides to develop its own system for public transport with electric buses. Contact was established with the vehicle manufacturer AMZ in Poland and in the autumn of 2012 an agreement was signed with the Municipality of Umeå Enterprises (UKF) for the delivery of two prototypes and a 300 kW charging station, designed for Umeå Airport.
The development initiative resulted in great funding demands, and in the spring of 2013 the development company ran into serious cash flow difficulties. Due to this, the company filed for bankruptcy in March 2013.