Arena joined the JV contract in connection with with the acquisition of shares in hiPower Europe

Arena, as part of the process of acquiring a majority stake in hiPower Europe, has entered into a joint venture agreement with the Taiwanese company hiPower Hydrogen Tech, which defines the rules of cooperation in the development of hydrogen technologies and the organizational and ownership structure of hiPower Europe, the company announced.

“Arena’s joining the joint venture agreement between Polish investors and the Taiwanese company is a natural consequence of the concluded investment agreement. This guarantees the company listed on the Warsaw Stock Exchange joining the cooperation on terms similar to those of other project partners,” said Wojciech Kowalski, the president of Arena.pl, quoted in the release.

“According to the agreement, all parties are fully committed to the development, popularization and commercialization of our hydrogen and fuel cell technologies on the European market. The agreement formally regulates these aspects and provides hiPower Europe with access to the technology, the ability to develop and implement it, and cooperation with the Taiwanese team of engineers. Our goal is to start production in Poland as quickly as possible, and thus shorten supply chains and reduce production costs,” added Jacek Gliniak, President of hiPower Europe.

The agreement specifies in particular:

– principles of cooperation between hiPower Europe and hiPower Hydrogen Tech,

– ownership and organizational structure of HiPower Europe,

– granting hiPower Europe the exclusive right to represent hiPower Hydrogen Tech in Europe,

– possibility of access to hiPower Hydrogen Tech technology and commitment to cooperation in the construction of the first production lines in Europe,

– establishing a non-compete clause for Hydgogenom and hiPower Tech Hydrogen in Europe, listed.

The agreement was concluded with hiPower Hydrogen Tech Ltd. (Taiwan), Hydrogenom Sp. z o. o. and two individuals. hiPower Hydrogen Tech will hold 45% of the capital of hiPower Europe. Also in the case of an increase in the share capital, he will participate in the increase to maintain his share, it was also stated.

The agreement concluded between hiPower Europe and Arena.pl regulates the acquisition by Arena.pl of 55% of shares in the capital of hiPower Europe (the remaining 45% will be held by the Taiwanese company hiPower Hydrogen Tech). At the same time, Arena.pl will amend the statute in terms of the subject of activity and the name. After the transaction, Dr. Jacek Gliniak, co-creator of the technology and the current president of hiPower Europe, is to become the company’s president.

hiPower Europe, as the first in Europe, begins the implementation of an innovative technology for the recovery of hydrogen from tail gases, previously unavailable on the European market. The company also has methanol-powered fuel cells for the production of electricity and heat, as well as mobile charging stations for electric vehicles.

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