HydrogenPro has reached an agreement with Tianjin Miaoqing Machinery Equipment to acquire the remaining 25% of HydrogenPro Tianjin, increasing its ownership from 75% to 100%. The consideration consists of CNY 3 million in cash and equipment valued at approximately CNY 1.8 million.
The companies first entered into an agreement in November 2021, when HydrogenPro acquired its initial 75% stake. Since then, the site has undergone several upgrades aimed at improving quality and implementing advanced systems. According to the company, these changes have increased the plant’s manufacturing capacity to approximately 500 MW per year. The facility has also produced electrolyzer systems for two of the world’s largest green hydrogen projects.
Jarle Dragvik, CEO of HydrogenPro, commented: “This transaction is in line with HydrogenPro’s strategy of streamlining operations. We are pleased to secure full ownership of the plant, which is a very cost-efficient set-up with capacity to deliver on large projects. The plant is already controlled and operated by HydrogenPro. HydrogenPro is, as previously communicated, in dialog with LONGi under the joint cooperation agreement about optimization of manufacturing footprint and further synergy recognition.”
Completion of the transaction is subject to approval by Chinese authorities.
