Hydrogen Future Industries (HFI) has made a cash and equity investment in Tower Green Holdings, which develops hydrogen production and distribution facilities.
HFI has made an initial investment of £100,000 in Tower for a 20% equity stake, £50,000 of which has been paid in cash and £50,000 settled by the issue of 500,000 new ordinary shares in HFI at a price of 10p per share.
Tower Green Holdings is establishing multipurpose hydrogen hubs in south-west England to provide energy storage and hydrogen as a fuel. Under the agreement, HFI’s System, which is in development, will be implemented as Tower’s preferred green hydrogen production technology.
Daniel Maling, Non-executive Director of the company, will join the board of Tower as part of this partnership. In addition, HFI has the right to invest a further £50,000 in Tower upon it signing an agreement to collaborate with certain specific project partners for an additional 10% equity stake in Tower.
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