MAN takes stake in hydrogen electrolysis tech SME

MAN Energy Systems has acquired a 40 percent minority stake in H-TEC Systems, a Germany-based developer and producer of stacks and electrolyzers for the manufacture of hydrogen with electricity. The company has over 20 years’ experience in research and development of hydrogen technology.

As part of the deal, MAN Energy Solutions will receive two seats on the company’s advisory board. The deal includes an option for MAN to acquire a majority holding in the company, or take it over completely, at a subsequent date. The previous owner, GP JOULE, a project developer specializing in renewable energies, will retain around 60% of the remaining shares.

“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. “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.”

Besides H-TEC SYSTEMS, MAN is working together with other partners in the area of electrolysis. “At present, we see this commitment as a developmental partnership,” says Lauber. “As the electrolysis market matures commercially, we estimate that it will become medium- or long-term in nature. By acquiring a stake in H-TEC SYSTEMS, we are positioning ourselves in this strategic future market at an early stage.”

The acquisition forms part of MAN Energy Solutions’ strategic realignment towards sustainable future markets. The company announced in 2017 sustainable technologies and solutions would account for main source of the group’s revenues by 2030.