Germany’s engine manufacturer MAN Energy Solutions has decided to acquire almost 99% of the shares in H-Tec Systems, a compatriot electrolysis technology company.
Subject to approval by the competition authorities, MAN Energy Solutions has purchased the shares of the previous majority shareholder, GP Joule, adding to the 40% stake it previously took in the company in 2019.
The remaining shares are currently in free float.
“Green hydrogen is becoming an incredibly important natural resource on our journey to becoming a climate-neutral global economy,” Uwe Lauber , Chief Executive Officer of MAN Energy Solutions, commented.
“With the acquisition of H-Tec Systems, from now on we will cover all processing steps of the hydrogen economy under the umbrella of MAN Energy Solution.”
“We are pleased to see that two pioneers of hydrogen technology, namely MAN Energy Solutions and H-Tec Systems are rooted in Bavaria. We wish to make the state of Bavaria a leading location for hydrogen technology,” Hubert Aiwanger , Bavarian Minister for Economic Affairs, Regional Development and Energy as well as Deputy Minister-President of Bavaria, said.
In the course of the transaction, the management team is strengthened by Dominik Heiß, who will lead the company together with Joachim Herrmann and Frank Zimmermann. Frank Zimmermann will also act as management spokesperson moving forward. At the same time, Heinrich Gärtner, GP Joule, has announced his departure.
“We plan to further expand the two company locations in Augsburg and Braak,” Frank Zimmermann said.
“Now is the time for promoting the development of PEM electrolysers in the multi-megawatt range.”
H-Tec Systems was founded in 1997 and has over 20 years of experience in hydrogen development and research. At production sites in Schleswig-Holstein and Bavaria stacks and electrolysers in the megawatt class based on the polymer-electrolyte membrane process (PEM) are developed by 60 specialists to cover the hydrogen demand for both industrial hydrogen applications and electricity conversion.
MAN Energy Solutions is also a forerunner in Power-to-X technology, which enables green hydrogen to be converted into climate-neutral fuels.