Vision Hydrogen announces that it has monetized its 100% stake in its Vlissingen renewable hydrogen development project. Similarly, it is monetizing its 50% stake in its Terneuzen renewable hydrogen development project.
Vision Hydrogen monetizes its projects
Vision Hydrogen is a renewable energy company. It develops clean hydrogen production facilities for the commercial, industrial and transportation sectors.
These monetizations were achieved through the sale of its Dutch interests to Volt Energy BV. As a result, the purchaser paid a total consideration of $23,627,274. This represents $11,250,000 in cash and 1,768,182 common shares of Vision Hydrogen.
In addition, the shares are valued at the current market price of $7.00 per share. As a result, this reduces the outstanding common shares by 8.3% to 19,548,776 common shares outstanding. In addition, the cash proceeds realized by the company, before deducting transaction costs, represent a payment of approximately 0.58 cents per share.
Andrew Hromyk, CEO of Vision Hydrogen, states:
“VisionH2 is pleased to have established proof of concept with our first two projects. This is in line with our plan to fund our development trajectory by monetizing early stage development projects. With many hydrogen and carbon reduction projects in very early stages of development across Europe and our proven methodology rewarded economically much earlier than expected, the company is well positioned for future growth.”
The company’s Swiss subsidiary, VoltH2 Holdings AG, sold VoltH2 Vlissingen BV, VoltH2 Terneuzen BV and VoltH2 Operating BV to Volt Energy BV for $11,250,000 in cash.