Linde today confirmed it has acquired a 20% stake in British clean energy firm ITM Power, revealing the transaction was completed yesterday.
The world’s biggest industrial gas company said the minority stake provides Linde with a strategic investment in a world leading manufacturer of integrated hydrogen energy solutions.
In addition to the investment, Linde will form a joint venture with ITM Power to implement projects based on ITM Power’s technology.
By bringing together ITM Power’s expertise in polymer electrolyte membrane (PEM) electrolysis and Linde’s leading engineering procurement and construction experience, the joint venture will target large-scale industrial users, particularly in the metals and glass, electronics, refinery, chemistry and steel industries.
The joint venture is also expected to create capacity to deliver a higher volume of projects, shorten lead times, improve execution and reduce costs.
“This investment reflects Linde’s ongoing focus to deliver sustainable solutions while helping to make our customers more successful,” said Dr. Christian Bruch, Executive Vice-President and CEO Linde Engineering.
“The investment from Linde cements the relationship between us and provides ITM Power with a world-leading partner that brings deep expertise in engineering, procurement and construction plus a global customer base,” said Dr. Graham Cooley, CEO of ITM Power.