HydrogenPro has raised NOK 70m ($6.2m) in equity from existing investors and has agreed on a deal to double this amount with Longi Green Energy Technology.
If the deal with Chinese electrolyser manufacturer Longi is successful, HydrogenPro could receive NOK 140m ($12.3m) which will be used for “general corporate purposes,” according to the company’s statement.
Existing shareholders Andritz and Mitsubishi Heavy Industries (MHI) purchased stock from HydrogenPro at NOK 5.50 ($0.49) apiece, with each investor subscribing to 6.35 million new shares of the electrolyser manufacturer. These new shares are anticipated to be concluded this month.
Pursuant to the investment agreement, Longi will subscribe to 12.7 million new shares, also at NOK 5.50, providing that it obtains the necessary regulatory approvals for the move. This is also expected to be completed in the first half of 2025.
“Over the past few years, we have demonstrated the importance of our strong partnerships with MHI and Andritz, delivering two of the world’s largest green hydrogen projects,” explained Jarle Dragvik, CEO of HydrogenPro.
“This investment further strengthens the solid cooperation within technology and market development,” the CEO added.
In October 2023, MHI delivered the first shipment of HydrogenPro electrolysers for a 220MW hydrogen production project in Utah, the US, which is scheduled to become operational this year.
Read more:Mitsubishi delivers first shipment of electrolysers to ACES Delta project
Continuing, Dragvik claimed the agreement with Longi will help execute the firm’s vision of “delivering sustainable hydrogen solutions globally.”
He said, “They bring first-class industrial and technical expertise. We see a great strategic fit that together with all of our industrial partners on board, we will broaden our opportunities to further optimise our current offering on the market.”
Furthermore, the two companies will collaborate on future projects to increase their presence in China and Europe.
Newsletters
H2 View knows just how much hydrogen news there is to keep on top of. Keep up to date on the latest developments across the industry with our daily newsletter that will give you the top five stories of the day, straight to your inbox.
Don’t forget we also have our weekly newsletter which includes a round-up of the past seven days’ hydrogen highlights, including not only news but also interviews, features and analysis.
Sign up for our newsletters here.
