Linde plc acquires minority stake in ITM Power, agrees to form JV
Linde announced that it has acquired a minority stake in ITM Power plc, a British manufacturer of polymer electrolyte membrane electrolyzers for the electro-chemical splitting of water into hydrogen and oxygen. The transaction, which was completed on October 22, provides Linde with a strategic investment in a "world leading manufacturer of integrated hydrogen energy solutions," Linde said in a statement. In addition to its 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 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. In addition to opening new commercial opportunities, the joint venture is expected to create capacity to deliver a higher volume of projects, shorten lead times, improve execution and reduce costs.