The acquisition of VoltH2 Holdings AG (“VoltH2”) by Vision Hydrogen Corporation has been completed. VoltH2 is one of Western Europe’s leading developers of hydrogen production facilities and infrastructure.
VoltH2 was founded in June 2020 and is based in Europe. The company develops clean hydrogen production facilities for the supply of commercial offtake volumes of clean hydrogen to manufacturers, gas and power traders, industrial consumers, and both heavy and marine transportation sectors that have shifted away from carbon-emitting energy sources and fuels.
VoltH2 has a track record of advancing development sites to permit stage, having won approvals to build a 25MW electrolyser plant with a 100MW capacity in the strategically positioned North Sea Port of Vlissingen, Netherlands. VoltH2 has applied for and is in the advanced stages of obtaining permits for a second 25MW electrolyser plant scalable to 75MW in the North Sea Port of Terneuzen. At full capacity, both plants will have a combined capacity of 175 MW, with the potential to create 24.5 million kg of hydrogen per year.
VoltH2 is leveraging its first-mover advantage to replicate its successful model, with the near-term goal of amassing a significant inventory of strategic development sites adjacent to existing gas and power infrastructure, thereby expediting the development to production phase for its commercial and industrial scale clean hydrogen facilities. Due to its proximity to a high-capacity grid and connection points for low-carbon or renewable electrons, VoltH2 will be able to produce clean hydrogen that can be directly supplied to Europe’s existing and planned distribution networks.
The Company has bought the remaining 84.1 percent equity in VoltH2, bringing its total ownership to 100%. The purchase was made in exchange for 8,409,000 shares of the Company’s common stock valued at USD $4.00 per share, for a total enterprise value of USD $40,000,000 ($33,636,000, net of the Company’s existing interest).
The Company is happy to announce the following appointments in conjunction with the acquisition of VoltH2.
Andrew Hromyk has been appointed Co-Chief Executive Officer and Director of the Company. Mr. Hromyk is a co-founder of VoltH2 and has been an active investor and operator in a number of development companies over the course of his 30-year career. Since 1995, Mr. Hromyk has been the Principal of First Finance Limited and its sister company Century Capital Management Ltd., a Vancouver-based private equity investment advisory group with a track record of creating significant value for stakeholders through early-mover strategic investments in both private and public companies. Mr. Hromyk has worked on industrial, chemical, and energy projects throughout the United States, including Arkansas, the Permian Basin, Central and South Texas, and Alberta, as well as internationally in China, Papua New Guinea, and Africa. Mr. Hromyk, an active investor, has been heavily associated with firms pioneering a varied variety of technologies, ranging from enhanced and conventional hydrocarbon recovery methods to wireless infrastructure applications, as well as various commercial real estate ventures.
Andre Jurres has also been appointed Co-Chief Executive Officer and a Director of the Company. Mr. Jurres is a co-founder of VoltH2 and has over two decades of experience in the energy and telecommunications sectors. Mr. Jurres founded and served as CEO of Essent Belgium, a provider of residential and commercial energy in Belgium. Mr. Jurres was also a co-founder of NPG Energy, a Benelux-based operator of green energy projects. Additionally, Mr. Jurres has held top positions at Dong Energy, TeliaSonera, Belgacom, and KPN mobile.
Arron Smyth has been appointed Executive Vice-President of Corporate Development of the Company. Mr. Smyth has over 17 years of business expertise in a variety of industries, including financial services, investment banking, company leadership, and operations in developed and emerging economies. Mr. Smyth has served as Managing Director Europe for the First Finance group of companies since 2018, developing and supporting the group’s private equity investments and projects, including Evolution Terminals, a Netherlands-based developer of bulk storage and handling infrastructure for clean and sustainable energy products.
Andy Hidalgo, the Company’s former Chief Executive Officer, has been named Senior Vice-President. Mr. Hidalgo has also resigned as a director to facilitate the appointment of Messrs. Hromyk and Jurres to the Board.