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Investing.com -- Bosch (NSE:BOSH), the multinational engineering and technology company, has announced plans to cease the development of solid-oxide fuel-cell technology, a move that could result in the loss of approximately 550 jobs.
The decision, announced Thursday, is part of a strategic operational and investment realignment, as the market for this technology has not progressed as anticipated.
The company has decided to shift its focus towards the production of hydrogen and the supply of electrolysis components. A particular point of interest for Bosch is proton-exchange membrane electrolysis stacks, a technology that the company expects to introduce to the market this year.
Bosch expressed concern over the lack of priority given to the conversion of hydrogen into electricity in Europe, particularly in Germany. The company noted this would necessitate additional engineering efforts in the coming years, which could significantly diminish commercial viability.
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