In October 2019, gas manufacturer Linde acquired a stake in British electrolyser manufacturer ITM Power. Linde AG acquired a total of 95 million new ITM shares for EUR 45 million. The former German industrial group, which relocated its headquarters to Guildford in the UK after the merger with Praxair, now owns 20 percent of the Sheffield-based plant engineering company. In addition to this participation, there will soon also be a 50-50 joint venture that will provide green hydrogen for industrial projects.
Graham Cooley, Managing Director of ITM Power PLC, said: “Linde’s major strategic investment cements a five-year relationship between us and offers ITM Power a leading global partner with extensive engineering, procurement and engineering expertise and a global customer base. The joint venture will enable us to focus on our core competence in the development and sale of electrolysers and to supply environmentally friendly hydrogen on a large scale with Linde as a partner.”