Vision Hydrogen Corporation has monetized its 100% interest in its Vlissingen green hydrogen development project and its 50% interest in its Terneuzen green hydrogen development project.
The transaction was through the sale of its Dutch interests to Volt Energy BV, wholly-owned by its former co-CEO Andre Jurres.
Volt Energy paid total consideration of US$ 23,627,274, being US$ 11,250,000 in cash and 1,768,182 shares of Vision Hydrogen’s common stock owned by the Purchaser valued at the current market price of $7.00 per share, reducing the Visions Hydrogen’s outstanding common shares by 8.3%, to 19,548,776 shares of common stock outstanding.
The cash proceeds realized by Vision Hydrogen, before deduction of transaction costs, represent a payment of approximately $0.58 cents per share.
“Consistent with our plan to fund our development trajectory through monetizing early-stage development projects, VisionH2 is pleased to have established proof of concept with our initial two projects,” said Andrew Hromyk, Vision Hydrogen CEO.
“With numerous hydrogen and carbon abatement projects in very early stages of development across Europe and our proven method economically rewarded much earlier than forecast, Vision Hydrogen is well-positioned for future growth.”
Vision Hydrogen’s Swiss subsidiary VoltH2 Holdings AG has sold VoltH2 Vlissingen BV, VoltH2 Terneuzen BV and VoltH2 Operating BV to the Purchaser for USD $11,250,000 in cash, representing a significant return on the USD $2,150,000 cash invested into the BVs over the past 20 months. In addition, the Purchaser paid its 1,768,182 shares of Vision Hydrogen’s common stock to VoltH2 Holdings AG, which Vision Hydrogen has returned to treasury.