myFC develops technology that secures the company’s recurring revenues from fuel, and protects users and manufacturers from counterfeit fuel cards
myFC has developed the system and technologies to secure that myFC’s unique certified fuel chemistry can correctly identify a myFC PowerCard, the company’s original, patented fuel card. Only PowerCards will be accepted at start of energy generation for a smartphone or other device.
myFC today announces it has a patent pending that protects the fuel chemistry of its PowerCard. Specifically, the patent covers the technology allowing the device to immediately recognize if a power card is in fact a myFC original PowerCard, safe for the intended use, and ensuring the device does not accept any uncertified or counterfeit versions.
Sales of fuel cards is a significant potential source of recurring revenue for myFC and therefore an integral part of the company’s business model. Previously communicated calculations by myFC state that under the assumption that that users would use one to two fuel cards a month, the company’s potential annual revenues for the sale of fuel cards could be five to ten times higher than the revenues for the fuel cell.
This technology is also significant for the users. A prerequisite for myFC’s offering is that fuel cards are readily and conveniently available, and that consumers can trust the quality of the fuel. Smartphone manufacturers integrating myFC’s technology into their devices likewise need to be certain their products aren’t compromised by counterfeit or non-certified fuel cards.
“This is a significant breakthrough for myFC, which I am happy to finally be able to share. This innovation ensures that no counterfeit cards will be accepted by our system. That means consumers can trust the cards they use are certified and safe, manufacturers can be confident the warranties of their products won’t be compromised, and we at myFC are assured our potential recurrent revenue from PowerCards is protected,” says Björn Westerholm, CEO of myFC.
“Developing the system that protects our own, patented fuel is highly complex in itself. But I also want to underline that we have managed to do it very cost-effectively with high scalability and usability, ensuring that it is ultimately commercially viable to include it in thousands of power cards,” adds Westerholm.
This information is information that myFC is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 07:55 CET on 17 October 2018.