March 26 (Renewables Now) - German manufacturer Man Energy Solutions, a subsidiary of carmaker Volkswagen AG (ETR:VOW3), Tuesday announced it has agreed to acquire a 40% stake in domestic electrolysis technology company H-tec Systems.
Financial details remained undisclosed. The agreement includes provisions allowing for the purchase of a majority stake or a full acquisition in the future.
H-tec will continue operating as an independent company. Man will receive two seats on its newly-established advisory board, while the current management team of the company remains the same.
Man ES sees the partnerships as a strategic milestone and entry into the hydrogen economy, CEO Uwe Lauber stated.
H-tec Systems develops hydrogen technologies and produces stacks and electrolysers for manufacturing hydrogen with electricity.
The remaining 60% of the company are held by local renewable energies project developer GP Joule.