MAN Energy buys majority of electrolyzer company
By Mike Brezonick17 June 2021
MAN Energy Solutions announced it has acquired the majority stake in Augsburg, Germany-based electrolyzer manufacturer H-Tec Systems.
MAN Energy has held a 40% share of H-Tec since 2019. Its acquisition of the shares from the previous majority shareholder, GP Joule, was announced last year and it has now received regulatory approval. MAN Energy Solutions said it now owns nearly 99% of H-Tec Systems. The parties agreed not to disclose the price of the acquisition.
H-Tec Systems was founded in 1997 and has over 20 years’ experience in hydrogen development and research.
MAN Energy Solutions and H-Tec Systems said they will drive the industrialization of electrolysis forward and MAN Energy Solutions said the move completes its range across the hydrogen value chain. “Starting with extraction and transport, right through to the use of climate-neutral energy, we offer our customers solutions for using green hydrogen, and are therefore strongly positioned in one of the most important future markets,” said Dr. Uwe Lauber, chief executive officer at MAN Energy Solutions. “Today, H-Tec Systems offers electrolyzers in the megawatt range. The objective now is to prepare the company for serial production because green hydrogen is going to become a mass market.”
MAN Energy Solutions is also a forerunner in Power-to-X technology (PtX), which is itended to enable green hydrogen to be converted into climate-neutral fuels. In 2013, the company commissioned the methanation reactor for Europe’s first Power-to-Gas plant on a 6 MW scale for Audi AG. Since then, MAN said it has developed PtX technology and offers turnkey plants with a capacity of 50 MW and higher.