Eversheds Sutherland has advised Rolls-Royce Power Systems AG on acquiring a majority of approx. 54% of the shares in Hoeller Electrolyzer GmbH.
The former shareholders have sold the shares, three of which will remain with the company, in particular the two managing directors. The parties agreed not to disclose any information on the financial details.
Hoeller Electrolyzer has more than 25 years of experience developing fuel cells and electrolysers. The company develops the future source of green hydrogen using PEM technology.
With its “Net Zero at Power Systems” programme, the company strives to become climate-neutral by 2050.
On Tuesday, the company announced that, with this step, the British group was to enter the market for hydrogen production with electrolysers. According to the available information, Hoeller Electrolyzer was founded in 2016. The participation serves the further product development and the cooperation in this area is to be further extended with an additional R&D agreement.
Hoeller has become an expert for particularly efficient hydrogen production systems. Electrolysis is the process of splitting water into oxygen and hydrogen by means of an electric current. This can be used as an energy carrier.
In case of green hydrogen, renewable energies, such as wind power, is used. Hoeller envisages the serial production of so-called stacks, i.e. the combination of hundreds of electrolysis cells. The company states that combining several electrolysers can achieve an overall capacity of 100 megawatts. An initial customer project is planned for 2024.
This has been the first transaction in Germany in which Eversheds Sutherland advised Rolls-Royce Power Systems.