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MAN Energy Solutions and H-TEC SYSTEMS Join Forces

Source: www.gulfoilandgas.com 3/26/2019, Location: Europe

MAN Energy Solutions is acquiring 40 percent of the shares of the electrolysis technology company H-TEC SYSTEMS. A contract confirming the partial acquisition was signed in Augsburg by Dr. Uwe Lauber, CEO of MAN Energy Solutions, and Ove Petersen and Heinrich G?rtner, executive managers of the GP JOULE Group. The contract also makes provisions for a majority or complete takeover of H-TEC SYSTEMS at a later date. The company will continue to be independently represented on the market with no change in the level of commitment to its customers. The parties have agreed not to disclose the price of the acquisition.

H-TEC SYSTEMS has more than 20 years' experience in the research and development of hydrogen technology. Across sites in Lübeck, Braak and Augsburg, a team of 20 employees develops and produces stacks and electrolyzers for manufacturing hydrogen with electricity. Since 2010, H-TEC SYSTEMS has been a subsidiary of GP JOULE, a project developer specializing in renewable energies and sector coupling that retains around 60% of the remaining shares. MAN Energy Solutions is receiving two seats on the newly established H-TEC advisory board. The management team, consisting of Heinrich G?rtner, Dr. Joachim Herrmann and Frank Zimmermann, will continue to manage the business operations.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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