Man Energy acquires stake in electrolysis firm

MAN Energy Solutions is acquiring 40 percent of the shares of the electrolysis technology company H-TEC SYSTEMS. A contract confirming the partial acquisition was signed in Augsburg by Uwe Lauber, CEO of MAN Energy Solutions, and Ove Petersen and Heinrich Gärtner, executive managers of the GP JOULE Group. The contract also makes provisions for a majority or complete takeover of H-TEC SYSTEMS at a later date. The company will continue to be independently represented on the market with no change in the level of commitment to its customers. The parties have agreed not to disclose the price of the acquisition.

H-TEC SYSTEMS has more than 20 years' experience in the research and development of hydrogen technology. Across sites in Lübeck, Braak and Augsburg, a team of 20 employees develops and produces stacks and electrolyzers for manufacturing hydrogen with electricity. Since 2010, H-TEC SYSTEMS has been a subsidiary of GP JOULE, a project developer specializing in renewable energies and sector coupling that retains around 60% of the remaining shares. MAN Energy Solutions is receiving two seats on the newly established H-TEC advisory board. The management team, consisting of Heinrich Gärtner, Joachim Herrmann and Frank Zimmermann, will continue to manage the business operations.