- Press Releases
November 10 (Renewables Now) - Vision Hydrogen Corporation (OTCQB:VIHD) said on Tuesday that it has acquired the remaining 84.1% it did not already own in VoltH2 Holdings AG, a Switzerland-based developer of green hydrogen production facilities and infrastructure.
The US buyer carried out the deal in exchange for some 8.4 million shares of its common stock priced at USD 4.00 apiece. The transaction pegged an enterprise valuation to VoltH2 of USD 40 million (EUR 34.6m).
The acquisition comes after last month the target company secured construction and environmental permits for a 25-MW electrolyser to produce hydrogen from renewable electricity at the Dutch North Sea port of Vlissingen. Capacity at the facility could be scaled to up to 100 MW.
The Swiss company is also in the advanced stages of a permit review to build a second 25-MW electrolyser plant in another North Sea port, Terneuzen. That facility could be expanded to 75 MW. At full scale, the combined capacity of both plants will reach 175 MW, with the potential to produce as much as 24,500 tonnes of hydrogen per year. The plants are projected to begin production in 2023.
VoltH2 aims to supply commercial offtake volumes of clean hydrogen to manufacturers, gas and power traders, industrial consumers as well as the heavy and marine transportation sectors.
New Jersey-based Vision Hydrogen, which rebranded from H/Cell Energy Corporation, bought a minority stake of 15.9% in VoltH2 shortly after it was founded in June 2020.
(USD 1 = EUR 0.864)