Nordic clean-tech fund NRP Green Transition I, managed by NRP Zero, has today (November 28) announced it has invested to become a shareholder in the glass fibre hydrogen pressure vessel producer Umoe Advanced Composites (UAC).
Set to fund UAC’s manufacturing expansion in Norway and Asia, NRP Zero has invested an undisclosed amount for a 10.7% shareholding in the company, which is hoped to increase manufacturing volume across its facilities to 12,000 pressure vessels per year.
The expansion plans include a manufacturing expansion in Kristiansand, Norway, with an addition investment in China, where UAC’s Chinese joint venture company is building a manufacturing facility, which is expected to produce 8,000 pressure vessels annually.
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