AmmPower Acquires Hydrogen One In All-Stock Transaction
AmmPower Corp (CSE: AMMP) this morning announced that it has entered into an arrangement to acquire Hydrogen One Technologies. The definitive agreement entered into by the two parties outlines an all-stock transaction.
Hydrogen One is currently in the process of developing tech that converts green ammonia to that of green hydrogen. The firm is doing so via ammonia cracking units, which provide usable hydrogen on site via a modular device. Each device is to be designed to scale, with the tech focused on reducing contaminates and high costs traditionally associated with ammonia cracking units.
The hydrogen market itself is slated to reach US$200 billion by 2030 based on current projections. Strong growth is anticipated to come from industrial transportation, passenger vehicles, energy, and other uses.
“Through this acquisition, AmmPower will be flexible in its business model as we will be able to provide customers with ammonia or hydrogen on demand. The hydrogen market is growing, and we can now target both markets with our products, which are flexible and scalable. Once both technologies are integrated, we will have a key competitive advantage over our peers.”Gary Benninger, AmmPower CEO
Under the terms of the definitive agreement the company is to acquire Hydrogen One for a total of 7.0 million common shares. A timeline for closing was not provided.
AmmPower Corp last traded at $1.76 on the CSE.
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