Vision Hydrogen acquires VOLTH2; Plug Power acquires Frames Group
Proximity to the high capacity grid for accessing low-carbon or renewable power will allow VoltH2 to produce clean hydrogen.
Vision Hydrogen Corporation has completed the 100% acquisition of VoltH2 Holdings AG by acquiring the remaining 84.1% interest of VoltH2.
The purchase was completed in exchange for 8,409,000 shares of Vision Hydrogen common stock which the parties agreed to value at USD $4/share for an agreed enterprise valuation of US$ $40,000,000.
VoltH2, founded in June 2020, is one of Western Europe’s leading developers of hydrogen production facilities and infrastructure. It has a proven track record of maturing development sites through to permit, having received development approvals to construct a 25 MW electrolyser plant scalable to 100 MW in the strategically located North Sea Port of Vlissingen, Netherlands.
VoltH2 has submitted and is in the advanced stages of permitting a second 25 MW electrolyser plant in the North Sea Port of Terneuzen, scalable to 75 MW. At full scale, the combined capacity of both plants will be 175 MW, with the potential to produce 24.5 MM kg/year of hydrogen.
Meanwhile, Plug Power Inc has signed a definitive agreement to acquire Frames Group. The acquisition is expected to be completed by the end of 2021 once all required approvals have been obtained. The transaction includes €85 million in cash and €30 million in earnouts. Revenue opportunities from the acquisition include an order backlog valued at approximately €100 million and a sizeable project pipeline that will generate revenues through 2023.
Frames designs, builds and delivers processing equipment, separation technologies, flow control and safeguarding systems for water and renewable energy solutions. Plug will combine its stack technology with Frames’ systems integration capabilities to deliver a range of electrolyser solutions from 1 MW containers to 1,000 MW standalone plants. Through the Frames acquisition, organic growth, and partnerships, Plug will now have 200 employees in Europe and plans to open its new European headquarters in North Rhine-Westphalia, Germany, in early 2022.