Technology company and an OEM for high-pressure alkaline electrolyzers HydrogenPro has acquired NOK 82.7 million ($7.603 million) in new equity through a private placement of new shares towards technology group Andritz.
HydrogenPro revealed that, through the private placement, Andritz will subscribe for 6,605,634 new shares at a subscription price of NOK 12.52 ($1.15) per share, representing a premium of NOK 1 ($0.09) to the average closing price of the HydrogenPro’s shares for each trading day during the month of March 2024, representing approx. 9.42% of the shares outstanding in HydrogenPro post-issuance of the new shares, raising gross proceeds of approximately NOK 82.7 million ($7.603 million).
In connection with the private placement, Andritz has agreed to a 6-month lock-up for its shareholding, subject to customary exemptions, HydrogenPro said, adding that Andritz will also nominate one candidate to HydrogenPro’s board of directors for the upcoming general meetings to be held on April 23, 2024.
The net proceeds to HydrogenPro from the private placement will be used to finance specific development and testing initiatives within the company’s focus areas, as well as for general corporate purposes, HydrogenPro noted.
Jarle Dragvik, CEO of HydrogenPro, commented: “We are delighted to welcome ANDRITZ as a strategic partner as we continue to execute on our vision of delivering sustainable hydrogen solutions globally… I have been actively engaged in discussions with ANDRITZ for the last nine months and believe this puts us in a great position to further expand HydrogenPro according to our strategy.”
To remind, HydrogenPro and Andritz first entered into a partnership at the beginning of 2023. The two companies agreed to collaborate on scaling up manufacturing and assembly of electrolyzers for the European market.
At the time, HydrogenPro said the partnership will allow Andritz to include HydrogenPro’s technology in its EPC offering of green hydrogen solutions, and HydrogenPro will be able to speed up its technology offering to the European market.
In late 2023, the two parties solidified their alliance by signing a purchase contract for the delivery of 18 units of HydrogenPro’s 5.5 MW cell stacks with a total capacity of 100 MW. The value of the contract was estimated at approximately €18 million.