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Gotland Company Invests in Swedish Green Hydrogen Company Plagazi AB to Develop Hydrogen Ships

By August 18, 2022 3   min read  (490 words)

August 18, 2022 |

Fuel Cells Works, Gotland Company Invests in Swedish Green Hydrogen Company Plagazi AB to Develop Hydrogen Ships

Gotland Tech Development AB, part of Rederi AB Gotland (publ) (“Gotlandsbolaget”), has committed to invest in Plagazi AB (publ) (“Plagazi” or the “Company”) via a directed share issue. Gotlandsbolaget’s investment is crucial for the Company’s development, market launch and establishment of hydrogen facilities. The targeted new issue to Gotlandsbolaget, as a strategic anchor investor, is part of the company’s capital raising strategy, together with Vator Securities AB (“Vator”), which also includes targeted new issues to a few new investors and existing shareholders (as of mid-August 2022).

Through its commitment, Gotlandsbolaget has been given the opportunity to invest at a subscription price that will correspond to an ownership stake of approx. 10 percent of the total number of shares and votes in Plagazi, after further new issues, part of the company’s capital acquisition strategy, directed at a few new investors and existing shareholders are completed.

Gotlandsbolaget is Sweden’s oldest passenger shipping company with a business that includes ownership and operation of ferries, ro-ro, product tankers and hotel facilities. Gotland’s goal is to develop a class of ship with zero emissions, Gotland Horizon, which is Sweden’s first project to create a large-scale hydrogen-powered ship for both passengers and freight. Today, Gotlandsbolaget has over 750 employees, transports over 1.7 million passengers annually and has a turnover of SEK 2.3 billion (2021). Gotlandsbolaget acts as a strategic anchor investor after several months of financial, legal and technical due-diligence. Gotlandsbolaget takes a seat on Plagazi’s board and will thus actively contribute to Plagazi’s development. Plagazi’s patented process and production of, renewable and circular hydrogen at a competitive price enables strong business opportunities between the companies. Gotland’s company sees an investment in Plagazi of strategic importance for the company’s future hydrogen-powered ships. Gotlandsbolaget and Plagazi are now laying the foundation for a long-term, strategic and leading relationship between the companies.

Gotlandsbolaget ‘s investment in Plagazi is a historic milestone for our company and will actively contribute a lot to Plagazi’s development as Gotlandsbolaget will take a seat on our board. Gotlandsbolaget’s goal is to develop a zero-emission ship class that runs on hydrogen, the Gotland Horizon. Together with Plagazi’s patented process and production of renewable and circular hydrogen at a competitive price, this goal is made possible. We look forward to an exciting journey and to jointly lead the progress of the hydrogen and shipping markets.” – Torsten Granberg, CEO Plagazi AB (publ).

Om Plagazi AB (publ):

Plagazi AB is a Swedish clean-tech company that is revolutionizing the production of green hydrogen. The Plagazi process helps companies and communities improve the circular economy by converting waste into green hydrogen through plasma combustion and patented technology. The Plagazi process contributes to solving the global problems of non-recyclable waste, the search for renewable energy sources and carbon dioxide emissions. With several active projects in Europe, Plagazi aims to be the answer to the continents’ efforts to reach set climate goals.

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