HydrogenPro AS Acquires Advanced Surface Plating ApS

By December 24, 2020 4   min read  (778 words)

December 24, 2020 |

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Oslo — HydrogenPro AS («HydrogenPro» or the «Company») has signed a binding agreement to acquire 100% of the shares in Advanced Surface Plating ApS («ASP») in Denmark, from Boyex Holding Aps and Møller & Nielsen ApS.

“We have a stated ambition to increase the performance of the Alkaline High Pressure Electrolysers”, says the CEO of HydrogenPro, Mårten Lunde, and adding: “Through this acquisition we will control and own a vital technology to improve the efficiency of electrolysers and thus enabling us to further improve and speed up the development of our stated goal.”

ASP is the owner of a proprietary next generation advanced electrode technology which has the potential to improve the operating efficiency of HydrogenPro’s high pressure alkaline electrolysers with up to 14%. Current electrolysers consume about 4.4 MW to produce 90kg H2/hour. Tests show that this may be reduced to 3.8MW based on this new technology and thus reaching an efficiency level of 93% of the theoretical maximum. Consequently, this new technology represents a major step forward in making green hydrogen fully competitive with hydrogen produced from fossil sources.

Prior to the transaction HydrogenPro had an exclusive right to use this technology. Following the transaction, HydrogenPro will have ownership of the technology and be in a position to accelerate further testing and protype production of the technology and thus secure increased performance of the Alkaline High Pressure Electrolysers.HydrogenPro will acquire 100% of the shares in ASP for a consideration consisting of 600,000 shares in the Company, as well as a potential additional cash consideration of up to NOK 6 million if certain targets are met. The Company will send a notification of a general meeting to propose and resolve the pertaining share capital increase in due time for completion of the transaction.

In connection with the Private Placement in the Company as further described in a stock exchange notice on 30 September 2020, the Company entered into customary lock-up arrangements with Pareto Securities AS (the «Manager»). The Manager has given their consent to waive the Company’s lock-up in order to carry out the share issuance of 600,000 shares in the Company, which shall be used as consideration for the shares in ASP.

Part of the operative management team of ASP, who are the key persons behind the advanced electrode technology, and also sellers in the transaction, will become an integral part of the HydrogenPro group for implementation of the plan associated with the electrode technology.

HydrogenPro considers the transaction to be in line with the Company’s plan for R&D and system innovation to fulfil its ambition of being the leading provider of electrolysers suitable for renewable energy project on a global basis.

Dr. Lars Pleth Nielsen, part-owner and key person behind ASP, is enthusiastic about having HydrogenPro as the new owner of the technology. :Combining with HydrogenPro is strategically important and mandatory in order to bring our new ideas into full-scale demonstration and commercialization.”

PhD, HD(O) Lars Pleth Nielsen is known for his activities in the field of surface science and as co-author of the two-volume book “Advanced Surface Technology” which according to the National Association for Surface Finishing (NASF) in the US, is the most comprehended book within this field during the last 40 years.

HydrogenPro in brief:

HydrogenPro was founded in 2013 and the Company’s principal business is to provide customised turn-key plants for large-scale production of green hydrogen to global industrial clients. The Company’s activities include design, engineering and optimization of such plants, purchasing of parts, components and sub-systems for integration into complete plants and systems for hydrogen production. The activities also include commissioning and testing of such plants before they are accepted by clients of the Company. As part of its business model, the Company will also seek to secure service and maintenance agreements related to such hydrogen production plants.

The Company aims to be a world leading designer and supplier of alkaline electrolyser technology plants and solutions that meet the highest requirements for safety, reliability and long lifetime at competitive cost.

By combining in-depth knowledge from the electrolyser industry with innovative design and technologies, HydrogenPro continuously aspire to pioneer game-changing ideas and solutions to realise and maximise new opportunities in a smarter, sustainable and hydrogen powered future. The Company has been chosen supplier for several important contracts within the large-scale segment of the electrolyser market during the last couple of years and is now preparing itself for execution of these projects. HydrogenPro will shortly embark on a program to strengthen its organisation and recruit new talent interested in building a company which offer truly sustainable energy solutions for the future.

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