HydrogenPro ASA has reached an agreement with Tianjin Miaoqing Machinery Equipment Co. Ltd to acquire 25% shares of HydrogenPro Tianjin, bringing HydrogenPro’s ownership position from 75% to 100%.
After the original agreement signed in November 2021, where HydrogenPro acquired 75%, the site has been through several upgrades with focus on quality improvement and advanced systems, increasing manufacturing capacity to approx. 500 MW p.a. The plant has, among others, manufactured electrolyser systems for two of the world’s largest green hydrogen projects.
“This transaction is in line with HydrogenPro’s strategy of streamlining operations. We are pleased to secure full ownership of the plant, which is a very cost-efficient set-up with capacity to deliver on large projects. The plant is already controlled and operated by HydrogenPro. HydrogenPro is, as previously communicated, in dialogue with LONGi under the joint cooperation agreement about optimisation of manufacturing footprint and further synergy recognition,” said Jarle Dragvik, CEO of HydrogenPro.
The completion of the transaction is contingent upon receiving approval by Chinese authorities.