HydrogenPro bags USD 6.2m in private stock sale, eyes more
Norwegian electrolyser maker HydrogenPro AS (OSE:HYPRO) has raised NOK 70 million (USD 6.2m/EUR 5.9m) in equity from existing investors and agreed a deal with a unit of Chinese solar manufacturer Longi Green Energy Technology Co Ltd (SHA:601012) that could double the overall amount.Depending on the outcome of the deal with Longi Hydrogen Technology, HydrogenPro could receive NOK 140 million to back its general corporate needs, a company statement says.More specifically, HydrogenPro has sold stock to Andritz AG and Mitsubishi Heavy Industries Ltd at NOK 5.50 apiece, securing NOK 70 million. Each investor has subscribed for 6.35 million new shares of the electrolysers maker. The offering and the issuance of the stock are due to be completed in the first half of January 2025.At the same time, Longi Hydrogen has agreed to subscribe for 12.7 million new HydrogenPro shares, also at NOK 5.50 each, providing that it obtains the necessary regulatory approvals for the move. It is expected that the transaction will be consummated during the first half of 2025.On a separate note, HydrogenPro and Longi Hydrogen have agreed to collaborate on future projects that could extend their foothold in China and Europe.(NOK 10 = USD 0.882/EUR 0.844)
Norwegian electrolyser maker HydrogenPro AS (OSE:HYPRO) has raised NOK 70 million (USD 6.2m/EUR 5.9m) in equity from existing investors and agreed a deal with a unit of Chinese solar manufacturer Longi Green Energy Technology Co Ltd (SHA:601012) that could double the overall amount.
Depending on the outcome of the deal with Longi Hydrogen Technology, HydrogenPro could receive NOK 140 million to back its general corporate needs, a company statement says.
More specifically, HydrogenPro has sold stock to Andritz AG and Mitsubishi Heavy Industries Ltd at NOK 5.50 apiece, securing NOK 70 million. Each investor has subscribed for 6.35 million new shares of the electrolysers maker. The offering and the issuance of the stock are due to be completed in the first half of January 2025.
At the same time, Longi Hydrogen has agreed to subscribe for 12.7 million new HydrogenPro shares, also at NOK 5.50 each, providing that it obtains the necessary regulatory approvals for the move. It is expected that the transaction will be consummated during the first half of 2025.
On a separate note, HydrogenPro and Longi Hydrogen have agreed to collaborate on future projects that could extend their foothold in China and Europe.
(NOK 10 = USD 0.882/EUR 0.844)
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