Vision Hydrogen acquires VoltH2

Founded in June 2020, VoltH2 is a European-based developer of clean hydrogen production facilities for the supply of commercial offtake volumes of clean hydrogen to manufacturers, gas and power traders, industrial consumers, and both heavy and marine transportation sectors that have pivoted away from carbon emitting energy sources and fuels.

VoltH2 has a proven track record of maturing development sites through to permit, having received development approvals to construct a 25 MW electrolyser plant scalable to 100 MW in the strategically located North Sea Port of Vlissingen, the Netherlands. The company has submitted and is in the advanced stages of permitting for a second 25 MW electrolyser plant in the North Sea Port of Terneuzen, scalable to 75 MW.

VoltH2 is leveraging its first-mover advantage to replicate its successful model, with the near-term goal of accumulating a significant inventory of strategic development sites adjacent to existing gas and power infrastructure, accelerating the development to the production phase for its clean hydrogen facilities at commercial and industrial-scale. Proximity to high capacity grid and connection points for accessing low-carbon or renewable electrons will allow it to produce clean hydrogen that can be supplied directly into existing and planned distribution networks across Europe.

Transaction

Vision Hydrogen has acquired the remaining 84.1% interest of VoltH2, and together with its existing 15.9% interest it now owns 100% of the company. The purchase was completed in exchange for 8 409 000 shares of Vision Hydrogen’s common stock, which the parties agreed to value at US$4/share for an agreed enterprise valuation of US$40 000 000 (US$33 636 000, net of Vision Hydrogen’s existing interest).

Appointments

In connection with its acquisition of VoltH2, Vision Hydrogen has announced the following appointments.

Andrew Hromyk has been appointed as the company’s Co-Chief Executive Officer and a Director. Andre Jurres has also been appointed as the Company’s Co-Chief Executive Officer and a Director. Arron Smyth has been appointed as the Company’s Executive Vice-President of Corporate Development. Lastly, Andy Hidalgo, the company’s former Chief Executive Officer, has been appointed as Senior Vice-President. Mr. Hidalgo has also resigned as a Director to facilitate the appointment of Hromyk and Jurres to the Board.

Read the article online at: https://www.globalhydrogenreview.com/special-reports/10112021/vision-hydrogen-acquires-volth2/