Thursday, April 18, 2019

MAN ES Invests in Hydrogen

March 26, 2019

"We view this partnership with H-TEC SYSTEMS as a strategic milestone and as our entry into the hydrogen economy," says Dr. Uwe Lauber, CEO of MAN Energy Solutions, commenting on its acquisition of 40 percent of H-TEC SYSTEMS. Image: MAN Energy Solutions

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 Dr. 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, Dr. Joachim Herrmann and Frank Zimmermann, will continue to manage the business operations.

"We view this partnership with H-TEC SYSTEMS as a strategic milestone and as our entry into the hydrogen economy," says Dr. Uwe Lauber. "Hydrogen can be obtained from renewable energy sources in a climate-neutral fashion, and forms the basis for the production of a variety of synthetic fuels using power-to-X technology. These 'e-fuels', as they are known, are urgently required to bring about a change in energy policy, since they allow renewable energy sources to be used even outside of electricity grids. The production of hydrogen consequently constitutes an important interface in the coupling of the energy, transportation and heating sectors."
This acquisition marks another step in the strategic direction MAN Energy Solutions had already decided upon back in 2017 – namely, the realignment of the business to focus on sustainable future markets. At that time, the company announced that its business activities concerning sustainable technologies and solutions would be expanded to become the main source of revenue by 2030.

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