NEL ASA has entered into a binding agreement with the shareholders of H2 Logic to acquire the company for a total consideration of NOK 300m.
The acquisition will be financed through (NOK) 100m in cash and the remainder in new shares of NEL at (NOK) 1.35 per share.
NEL has leading hydrogen production systems capability based on water electrolyser technology. Through the acquisition of H2 Logic, NEL positions itself as a world-leading supplier of Hydrogen Refuelling Stations (HRS) and takes a key role in the development of the supply infrastructure for Fuel Cell Electric Vehicles (FCEVs).
Furthermore, the combined company will benefit from the technical and commercial know-how of both organisations within production and fueling, as hydrogen is taking centre-stage as a “clean battery” in the development of renewable energy.
Leading car manufacturers are introducing FCEVs, which will drive demand for hydrogen refuelling stations. FCEVs run on hydrogen, which is converted to electric power in a fuel cell and provide the convenience of conventional cars, along with zero tail-pipe emissions, fast refuelling and long range.
Martin Nes, Chairman of NEL ASA, comments, “NEL is the first dedicated hydrogen company on the Oslo Stock Exchange. Through the combination with H2 Logic, we significantly expand our position in the value chain, taking the driver’s seat in the hydrogen fuel movement: Hydrogen fuel cell electric vehicles have a significant potential to reduce emissions from the transportation sector.”
“They do not emit any greenhouse gases, and there are substantially lower emissions associated with producing hydrogen fuel from renewable energy sources.”
Based in Herning, Denmark, H2 Logic is the world’s largest independent hydrogen refuelling station company with 20 units delivered in seven different countries, including the entire network in Denmark (the world’s first country-wide network in daily operation). The company is active across the entire value chain of hydrogen refuelling station development and works with major downstream players in markets where leading car manufacturers plan to launch FCEVs.