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Redeye expected stronger Q2 numbers from Powercell, mainly in terms of sales growth. Also, royalty fees from Bosch of SEK2m in Q2 is again surprisingly modest. Given the sizable project portfolio and customer base, we still anticipate stronger momentum in H2. Powercell will start sourcing stacks from Bosch manufacturing, which we believe is a good indication of higher volumes going forward. However, we will probably lower our sales and earnings forecasts for the near-term period.
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