Stock Exchange Release|14.2.2022

Enersense’s investment in P2X has been completed

Enersense International Plc 
Stock exchange release, 14 February 2022 at 9:05 p.m.

On 8 December 2021, Enersense International Plc (“Enersense”), a provider of zero-emission energy solutions, announced that it had signed an agreement on an equity investment of EUR 13–18 million in P2X Solutions Oy (“P2X”), a green hydrogen production company. On 31 January 2022, Enersense announced that the amount of the investment had been confirmed at EUR 13 million, representing a holding of around 16.3% in P2X after any potential options.  

The preconditions for the investment arrangement have been fulfilled, and Enersense’s investment in P2X has been completed today through a directed share issue executed by P2X. The investment will be paid in cash in three instalments by October 2022 and will be financed by means of Enersense’s cash assets. 

Jussi Holopainen, President and CEO, Enersense International Plc: 

“The investment in P2X strongly supports Enersense's strategy. Wind power and the production of green hydrogen are strongly interlinked, and Enersense has strong expertise throughout the value chain. Hydrogen can be used to replace fossil fuels, as well as enabling the longer-term storage of clean energy, such as cyclic wind power. Hydrogen is a great opportunity for us and for Finland as a whole, and the creation of a green hydrogen market is a concrete climate effort.” 

In connection with the investment, Enersense and P2X have agreed on a partnership arrangement in which, subject to the fulfilment of certain conditions under the investment agreement relating to pricing and quality levels, Enersense will have the status of the primary partner in the work to be carried out during the construction phase of Finland’s first green hydrogen production plant, which P2X will build in Harjavalta, as well as in its maintenance and operation after the plant has been completed. The value of the cooperation is estimated at around EUR 7–8 million, which will mainly be spread over 2022–2024, and will continue in terms of maintenance and operation. If the preconditions mentioned above are met, the primary partnership will also concern any other future projects of P2X, for which an agreement on partnership has been signed for three years. The parties will negotiate the terms and implementation of the cooperation in more detail during the spring of 2022.     

The investment and partnership arrangement, its terms and conditions and the related party nature of the arrangement, are described in more detail in the stock exchange release issued by Enersense on 8 December 2021. 

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